SIA Group delivers asset valuation certainty in uncertain times
Company insolvencies increased by almost a fifth (19.3%) in the third quarter, according to the Insolvency Service, which reveals a 8.9% rise in the quarter to the end of September on the previous quarter.
Overall 4,308 companies entered insolvency over the period, with 71.6% of those creditors’ voluntary liquidations. The construction industry saw the highest number of insolvencies in the 12 months ending in the third quarter, followed by the wholesale and retail trade and the vehicle repair sector. Meanwhile, the number of individual insolvencies fell 2.5% on the same period last year and 10.5% on the previous quarter.
Paul Craig, Managing Director at SIA Group, comments: “It’s clear the challenges facing UK businesses are significant and that these will continue into 2019. This is the first time we’ve seen more than 4,000 corporate insolvencies in one quarter since the start of 2014.”
He continued: “With the current market being described by the media as ‘VUCA’ in nature, with Volatility, Uncertainty, Complexity and Ambiguity increasingly coming to the fore, it is essential that Insolvency Professionals and Asset Based Lenders have the certainty of dependable asset valuation and advisory services that maximise realisation and minimise execution risk. The level of industry confidence that SIA Group provides comes directly from the through-the-cycle market experience we have gained over the years, combined with the deep specialist asset knowledge and expertise of our team.”