Tuesday, 24 March 2009

Accountants claim 23,713 company liquidations

Wilkins Kennedy predict the highest number of company liquidations since 1992/3 in a news release on their website.

The accountancy firm took data from Companies House and forecast the number of liquidations for the year ending March 2009. Their prediction of 23,713 is 17% up on 2007/08.

Keith Stevens of Wilkins Kennedy say that the lack of credit combined with falling demand is having a major impact on the ability of business to continue trading.

From our data collected from ukdata.com we have seen a 100% increase in company monitoring comparing Jan & Feb 2008 against this year and a 130% increase in visitor traffic to the website.

From talking to a sample group of clients who called the office it seems that they are watching and waiting to see what happens next. Monitoring for new CCJ events and and double checking that Annual Returns and Accounts were being filed on time were the key indicators that our sample were particularly keen to monitor.

Most stated that late (or later than usual) filing of accounts or annual returns would cause concern and instigate a discussion with the company in question. Any new CCJ events would certainly trigger alarm bells.

For companies it seems now is the time to be on top of your filing dates and making sure that any disputes over payment are resolved before they get near a County Court.

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