Insolvencies 'set to soar' in 2010

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

So far this year 19,395 firms have collapsed, according to the Government's Insolvency Service.

But experts predict next year will see close to 27,000 corporate insolvencies, according to a poll by R3, the group previously known as the Association of Business Recovery Professionals.

More than 95% of insolvency practitioners expect the number of firms going bust to reach record levels in 2010. They forecast rates would peak at the end of the year, with "numbers remaining high well into 2011".

Peter Sargent, president of R3, said: "As expectations that the UK will soon exit recession continue to grow, it is natural to assume that the worst is over for the UK's struggling individuals and businesses. But insolvency statistics from the last two UK recessions indicate that the worst may actually be yet to come."

Sargent added he was "worried" by the findings of another R3 survey, which suggested firms are unaware of the insolvency lag.

Bosses of 300 small businesses, with turnover between £50,000 to £1 million, and 200 larger firms with more than £1 million turnover were asked about their expectations for business over the next six months. They rated the future 10% more positively than 400 insolvency experts who were asked the same question.

Sargent warned: "That positive outlook could put businesses at increased risk over the next year."