9.7 C
Alba Iulia
Tuesday, May 26, 2020

Scottish insolvencies down by almost 35%

Subscribe to our newsletter

We will never spam , sell or share your details

THE number of companies entering into administration, receivership or liquidation in Scotland has decreased by almost 35% (34.7%) in the last quarter, despite a number of high profile cases, according to new analysis from KPMG.

There were a total of 158 corporate insolvency appointments in the three months to 30 September 2019 – down from 244 in the previous quarter, and down from 242 in the same period last year. 140 of the cases involved liquidation, down from 232 in quarter two; there were 18 administration
and receivership appointments, up from 12 in the previous quarter; and 43 cases were HMRC appointments, down from 93 in Q2.

Blair Nimmo, Head of Restructuring for KPMG, said: “With ongoing political and economic uncertainty increasing pressure on the UK’s retailers, there have been a number of particularly high profile administrations and liquidations in the last quarter, but our latest insolvency data offers up some cause for optimism.

“The latest quarterly data confirms a relatively minor rise in administrations, with liquidations and HMRC cases both down. The data appears to reflect a growing sense of resilience from the business community. Companies across all industries are now proactively addressing long-term issues and attempting to place themselves on a more sure financial footing, ahead of any impending challenges that issues including Brexit could create. From CVA proposals for retailers, to refinancing in other sectors, there are options for the business community, and they seem to be paying off for those Scottish firms that have opted to take a fiscally cautious approach.

“Nevertheless, these results are surprising in the context of Brexit, and the 31 October deadline, around which we are seeing an increasing level of concern across all businesses, and some specific sectors. With the outcome still unclear, the next quarter’s results should be interesting.”

Advertisement
Aberdeen
overcast clouds
12.7 ° C
13 °
12.2 °
66 %
6.2kmh
100 %
Tue
13 °
Wed
11 °
Thu
15 °
Fri
15 °
Sat
16 °

Follow Us

Our Other Titles

Celebrate Aberdeen 2020 events cancelled

THE Celebrate Aberdeen 2020 events have been cancelled due to the current Covid-19 situation. The parade and events weekend were scheduled for August with the...

ECITB appoints new board members

The Engineering Construction Industry Training Board (ECITB) has announced the appointment of new board members to lead the organisation. Five new recruits to the boardoom...

Archer announces TAQA contract award

DRILLING contractor Archer has been awarded the contract for the removal of the Derrick equipment on the Cormorant Alpha by Taqa. The scope of services...

EnQuest confident of meeting targets

EnQuest said today it had “responded well” and that its operations were “materially unaffected” by the Covid-19 pandemic. The published operations update showed group production...

More Articles Like This