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There has been a huge rise in the number of firms going bust in England and Wales because of the recession.

Figures from the government's insolvency service show that in the last three months of 2008 there were 2,428 corporate insolvencies. That was a 220% rise on the same period the year before.



Over the whole of 2008, the number of firms that were liquidated rose by 24% to 15,535. That amounted to one in every 150 trading companies.



"Liquidations in the fourth quarter of 2008 were dramatically up on liquidations in the same quarter of the previous year," said Alan Tomlinson of Tomlinsons, a licensed insolvency practitioner.

"It is the small and medium-sized business, which forms the backbone of the UK economy, that has suffered the most and I expect this situation to deteriorate even further in 2009," he added. The number of other corporate insolvencies - receiverships, administrations and company voluntary arrangements - also shot up, rising by 92% to 6,276.



BBC NEWS | Business | Huge rise in companies going bust



We have work, but nobody is paying us so we cant buy materials ect..

We finally got a call this morning of the Chairman of one business that owes us thousands who yet again claims the cheques are going in the post next week. At least we finally got to speak to him and not his secretary. We are owed money by small business who would go bankcrupt if we filed to sue them so its a no win situation at times.

We are not going to give up and were certainly not going to borrow any money off the bank.

Keep your fingers crossed for us peeps:-6

jimbo;1128610 wrote: i heard lots of silicone companies are going bust ..... but i thought that was the whole point





but thats inflation for you


that deserves a huge Gordon Tosspot Groan:yh_rotfl

Well our Jobless numbers came out today for January 2009 798,000 thousand people lost there jobs putting us at an 26 year high of 7.2 jobless rate. So far 2 million + people or more are out of work in the United States and not end in sight.

CARLA;1128707 wrote: Well our Jobless numbers came out today for January 2009 798,000 thousand people lost there jobs putting us at an 26 year high of 7.2 jobless rate. So far 2 million + people or more are out of work in the United States and not end in sight.


In the Republic of Ireland in January we lost 36,000 jobs. That may not sound like a lot, but in a country with a population of 4.5 million citizens its an enormous number. When our Prime Minister announced this in our Parliament (Dail Eireann) the place was literally numb with shock, I've never seen such real worry on the face of Dail members. Here is the reason why....

If you do the maths that would be equivalent to 2.16 million people losing their jobs in America in one month. Or 464,000 people losing their jobs in Britain. We can't sustain these types of numbers for very long before the country will literally go under, its very alarming what is happening and how quickly. The implications for our society over here are very stark.

Unemployment in Illinois surged to 7.6 percent in December -- exceeding the national rate -- as state employers reacted to the economy's tailspin by trimming 36,000 workers from their payrolls, officials reported Friday.

The Illinois Department of Employment Security said the jobless rate rose to 7.6 percent from November's 7.3 percent. That's a big jump from the 5.3 percent rate in December of 2007; during the pas 12 months, IDES pointed out, the state has lost a total of 100,700 jobs, to lower the number of non-farm jobholders in the state to 5,885,800.

The state's construction sector took the biggest hit, shedding 13,400 workers and lowering construction employment to 233,700. During the past four months, IDES noted, the sector has lost a total of 28,300 jobs, or more than ten percent of the construction jobs statewide.

Manufacturing lost another 5,200 jobs in December, lowering employment in that economically crucial sector to 654,800.

Now those figures are only through December. I know for sure it has gotten much worse since then and this is just for the state of Illinois! Population of 12,831,970