- Friday, 23 April 2010The number of businesses descending into
bankruptcy declined in the last quarter, according to new research, suggesting that employees are more likely to keep their jobs.
Deloitte, the business advisory firm, revealed there was 46 per cent decrease in the number of companies facing
bankruptcy in the first three months of 2010, compared to the same period last year.
Hospitality and leisure sectors saw the biggest fall in insolvencies,52 per cent, with only 44 companies succumbing to
bankruptcy.
Lee Manning, reorganisation service partner at Deloitte, said: "The magnitude of the decline in insolvencies is surprising." He added that this trend signals "we may well have turned a corner."
Businesses have learned to manage their finances better and lowered their costs in order to avoid
bankruptcy, Mr Manning believes.
In 2008 the numbers of insolvencies increased by two per cent in the first quarter. There was a 56 per cent increase in the first three months of 2009 compared to the same period a year previous.
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