Insolvencies 'will run into next decade'
One of the country's busiest insolvency firms expects the avalanche of businesses going bust to continue well into the next decade.
Ric Traynor: says the £37bn bailout of British banks was not enough
Veteran insolvency accountant Ric Traynor, executive chairman of Begbies Traynor, said: 'We do not expect a let up in work for several years.
'The evidence from the early 1990s' recession was that insolvencies continued to be high for another four to five years.'
In a half-year trading update Begbies said it expects its profits for the 12 months to next April to show a 50% surge to around £10.5m.
By next year Traynor said the firm will be employing 400 full-timers either turning round or administering the last rites to troubled companies - 20% more than at the start of 2008.
'This downturn is the worst we have ever seen because this time there just is no available money,' he said.
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