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PwC: The recession has not bottomed
July, 23rd 2009

A slight drop in the number of insolvencies in England and Wales is masking a potential climb again in the last quarters of 2009 according to PricewaterhouseCoopers LLP.

PwC analyisis in corporate insolvency numbers show that 4,814 companies became insolvent in the second three months of 2009.

This represents an 11.3% decrease on the previous quarter, but is still a huge 43.2 % increase on the same quarter of 2008.

The first 6 months of 2009 saw a total of 10,242 companies entering into insolvency a 33.8% increase on the first 6 months of 2008 showing that the recession really has hit the UK economy in 2009.

Mike Jervis, partner in the business recovery services practice at PricewaterhouseCoopers LLP, commented:

Our analysis of this quarters stats does show a slight drop in the number of insolvencies, but when we look back over the last 5 years we see that quarter two does traditionally have a dip in numbers. Furthermore, we are now seeing quarterly numbers in the four and five thousands, not the two or three thousands we have grown used to.

Our message to businesses is not to take this quarter two drop as a sign that the recession has bottomed; Continue to plan your cashflow and your profitability obsessively, by challenging expenditure and developing strategies for any signs of falling demand. Do not be afraid to consult, and ask for help from advisers or turnaround managers.

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