Issue 9 - August 2007
Tony Mitchell

Welcome to our August insolvency latest briefing.  As most people are either planning their holidays or currently relaxing on a beach somewhere this quarter we’ve restricted our newsletter to latest DTI Insolvency figures and our commentary.  The full newsletter will be back in November.  In the meantime if you or your clients have questions on insolvency, bankruptcy or business recovery matters give me a call on 024 7655 3700.

One piece of news that I do want to share however, is earlier this summer, Brett Barton passed his insolvency examinations first time and is now a director of Cranfield Recovery and is taking insolvency appointments in his own name.  There will be an in depth profile of Brett in the November newsletter but in the meantime, our warmest congratulations to Brett on his achievement.

If you missed our earlier Business Rescue and Insolvency Newsletters you can read them on-line on the Cranfield Recovery website.

Tony Mitchell
Managing Director
024 7655 3700
 Insolvency Latest - Quarter 2 2007, published August 2007

  No. In Quarter Change On Previous Quarter Change On Same Period Last Year
Company Liquidations

3,032

-2.1%

-4.2%
Receiverships

129

+16.2%

-15.7%
Administrations

565

-19.2%

-13.5%
Company Voluntary
Arrangements

99

-1%

-32.7%
Bankruptcies

16,258

-2.9%

+7.7%
Individual Voluntary
Arrangements

10,698

-15.1%

-0.7%

Source: DTI quarterly report.
A detailed breakdown of the quarterly figures can be found on the Cranfield Recovery website


All forms of corporate insolvencies were down on the same period last year as was the number of individual voluntary arrangements.  It is difficult on just one quarter’s figures to comment as to whether the relentless rise in both corporate and personal insolvencies has turned but there are a number of worrying signs that may indicate that this quarters figures is no more than a welcome ‘blip’.

There are many thousands of home owners who will see their fixed rate mortgages finish before the end of the year.  These borrowers have so far been protected from the interest rate rises over the last year and it will be a nasty shock to many when they try and renew or replace their current deals.

In the corporate sector, there are signs that companies are finding it harder to pay their bills, although there is optimism amongst business owners as to future prospects.  Also, although the monetary committee left interest rates unchanged this month, there is no consensus of opinion as to whether we have seen the last rate rise in the current cycle.

As always, those with strong professional advisors are the ones likely to fair the best.

Cranfield Recovery employs 13 people, which includes two Licensed Insolvency Practitioners and is based in Coventry. It was founded in 2001 and moved from Warwick to Coventry at the end of 2006.  Cranfield Recovery deal with all aspects of corporate, business and personal financial problems.

Tony Mitchell is a Licensed Insolvency Practitioner, a fellow of the Association of Chartered Certified Accountants and a member of the Midland’s Regional Committee of the Association of Business Recovery Professionals.  Brett Barton is a member of the Insolvency Practitioners Association.

Cranfield Recovery Limited
Youell House
1 Hill Top
Coventry
CV1 5AB
Telephone:    024 7655 3700
Fax:             024 7655 3777
Email:           enquiries@cranfieldrecovery.com

� 2007 Cranfield Recovery Ltd