Businesses that seek court protection from creditors through an administration order
have, in a significant number of cases, been in trouble for years according to a survey by corporate recovery and turnaround specialists Begbies Traynor.
In the first quarter of 2002 there were 168 administration orders
, 179 in 2003 and 326 in the first quarter this year.
Phil Cotter, managing director of Experian's business information division, said, 'The impact of the new Insolvency Act is clear to see but we haven't seen as many administration orders
as we expected.
In comparison, voluntary liquidations rose by 0.8%, administration orders
by 66% and voluntary arrangement by 6.3%.
The absolute level of administration orders
, although still relatively low at 698, was up almost 60 per cent in 2001.
However, administration orders
and voluntary arrangements recorded modest rises.
Instead the only options, if a company wishes to trade after insolvency, will be company voluntary arrangements or administration orders
In contrast, administration orders
were up 4.7% and voluntary arrangements were up 11.5%.
The number of receiverships and administration orders
against companies reached 138 last month compared with 101 in August and 98 last September.
WASHINGTON - The US Federal Aviation Administration orders
the temporary grounding of the Boeing 737 MAX "pending further investigation" into its safety.
Earlier this year, Nakumatt Holdings welcomed a High Court decision that granted the supermarket chain administration orders
to accelerate and complement ongoing recovery efforts.
With the last 17 orders, Israel has 64 administration orders
against Palestinians since the beginning of this month.