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Insolvencies set to increase in the short to medium term

It has today been revealed that Begbies Traynor, one of the U.K.'s leading corporate rescue and restructuring companies, has seen a massive increase in enquiries over the last few months. The insolvency division itself which accounts for over 80% of the company's profitability is currently running at a near full capacity as the problems of the UK economy start to hit home to many companies.

As we have covered on a number of occasions, the increase in both corporate and individual insolvency cases has a tendency to lag the direction of the UK economy. However, the indications are that eventual numbers of both corporate and individual insolvencies are set to rise to record levels over the next 24 months. Companies such as Begbies Traynor are at the cutting edge of this particular area of industry and reports of ever-increasing numbers of companies in difficulty bodes will for their business but not for the UK economy as a whole.

Even though we are now some 18 months into the economic slowdown a glimpse at the national press and on the high streets around the UK suggests that the situation is set to get worse in the short to medium term.

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