Bankruptcies hit record high

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Companies in administration across England and Wales more than trebled in the fourth quarter of 2008 to 2,018, from 575 a year ago, according to the Insolvency Service.

And 19,100 people were made bankrupt on a seasonally-adjusted basis during the three months to the end of December - 22% more than in the same period of the previous year and the highest level since records began in 1960.

Experts warned the level of bankruptcies and corporate casualties was set to soar further as unemployment rises and the credit crunch means households and businesses cannot borrow their way out of trouble.

The dire fourth-quarter statistics saw the number of company administrations rocket to 4,820 in 2008, which is a 92% rise on 2007.

The new figures also showed the number of companies in England and Wales falling into liquidation in the fourth quarter soared by 52% to 4,607, the biggest jump since the beginning of the last recession in the final quarter of 1990.

The Insolvency Service said the figures mean approximately one in every 150 active companies went into liquidation in 2008.

Insolvency expert Alan Tomlinson, of Tomlinsons, said the data was "frankly horrendous".

He added: "I have been an insolvency practitioner for over 25 years and have never seen so many companies, from all sectors, going to the wall.

"Trading conditions have never been so tough and given the bleak economic outlook it could be some time yet before they begin to improve."