Over 140,000 Companies Show Real Signs of Financial Distress in Q4 2009
Over 140,000 companies experienced Significant and Critical financial problems in Q4 2009; 6% higher than in Q3 2009 but 14% lower than the same period in 2008, reflecting:High levels of corporate distress, despite the positive effects of government fiscal stimulus, such as quantitative easing and the 2.5% VAT decrease, as well as other short term support initiatives, such as the HMRC’s much needed Business Payment Support Service (through which over 242,000 ‘time-to-pay’ arrangements have been agreed, totalling over £4.2bn in deferred tax liabilities).
A new trend emerging, which indicates that a higher number of business failures are occurring at an earlier stage of deterioration than in previous recessions.
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