Number of companies in receivership doubles on global slowdown

More
than double the number of companies went into receivership in October as in the
previous month due to the global economic slowdown, claims research by Deloitte
& Touche.

In
October, 332 companies were put into receivership compared to 146 the month
before. The figures have varied between 100 and 200 for the last seven years.

This
level of business collapse is the highest since March 1993 when the UK was just
emerging from recession.

The
hotel and leisure industries were among the largest increases in corporate
failures. Tourism has been one of the hardest hit sectors following the events
of 11 September, with other sectors such as manufacturing and estate agency
badly affected.

By Mike Broad

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