NW compulsory liquidations soar

COMPULSARY liquidations in the North West are increasing at a faster rate than anywhere else in England.

Figures from the government’s Insolvency Service show there were 886 last year compared to 663 in 2007.

On a national level, compulsory liquidations increased 6% from 5165 in 2007 to 5494 in 2008.

In Greater Manchester, there was a 59% increase to 326, while compulsory liquidations increase 49% in Liverpool to 192.

Lindsey Cooper, restructuring and recovery partner at national accountancy firm, Baker Tilly said: “Compulsory liquidations can be the last resort. These figures clearly illustrate a great deal of distress within the regional economy, as well as indicating a high concentration of struggling companies with very little in the way of unencumbered assets.”