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Professional insolvencies on the rise in the UK
The appointment of liquidators to legal and other professional firms has increased 15 per cent in the UK, comparing Q3 2013 with the same period in 2012.
Statistics show a rise in professional insolvencies in UK firms Stefan Ataman
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The statistics, from Exaro, also show a 13 per cent rise in the number of winding-up orders and resolutions. There was a three per cent increase in winding up petitions. However, the number of administrations and receiverships fell 62 per cent. Exaro says: 'While the figures show that fewer companies in the sector entered the first stages of insolvency, the prospects for law firms specifically look more ominous.' Another law firms, Midlands-based Hacking Ashton, went into liquidation this week after it was unable to pay for professional indemnity cover.
