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The last three months of 2008 have seen company administrations in England and Wales increase to 2,018* or 100% on the previous quarter (1,007) and by 251% on the same time last year (575). On an annual basis, the number of administrations taking place in 2008 (4,822) was 92% higher than in 2007 (2,512) according to figures released today by the Insolvency Service and analysed by international law firm Freshfields Bruckhaus Deringer’s restructuring and insolvency practice. With an additional backdrop of more than 4,607 corporate insolvencies (including compulsory liquidations and creditors’ voluntary liquidations) taking place in the final quarter of 2008 (a rise of 11.9% on the previous three months) and the total for the year reaching 15,535 (an increase of 24% on 2007), the rise in company administrations represents a particularly significant economic indicator as administrations typically involve larger corporate entities as opposed to liquidations which typically affect sole traders. Ken Baird, head of restructuring and insolvency at Freshfields said: ‘The drought of liquidity in credit markets has been deep and protracted with new lending drying to a trickle. Its repercussions in the wider economy are compounding and have led to an increasing number of ‘finance starved companies’ seeking to cut cost at best or failing to cope and throwing in the towel at worst. ‘Maintaining cash flow is now each and every business’ number one priority - cash rules like it hasn’t for a long time,’ he added. Cost cutting is becoming more widespread but with significant differences when compared to the last recession. Kathleen Healy, an employment partner at Freshfields said: ‘We are seeing more corporates implementing a range of strategies to manage their employment costs but unlike the recession of the early 90s when businesses sanctioned large redundancy programmes to then incur substantial re-hiring costs when the economy recovered, today’s companies are fighting tooth and nail to avoid losing skilled staff by looking at alternatives, from shorter working weeks, to renegotiating staff benefits and freezing pay increases.’ The highest number of administrations taking place over the past three months affected the ‘real estate, renting and related business activities sector’ which recorded 1,147 administrations a staggering increase of 237% on the previous quarter. Even if discounting the anomaly of 729 service maintenance companies falling in this category, the sector would still have seen a rise in administrations of 23%. The financial intermediation sector saw administrations increase by 193% to 44; wholesale and retail trade by 77% to 217; construction by 50% to 156; manufacturing by 23% to 201. Transport, storage and communications saw a small fall in administrations from 65 to 54. Baird added: ‘Many companies are caught between a rock and a hard place. On the one hand they are desperately trying to refinance their businesses and access much needed but more expensive capital, on the other they are seeking to maintain cash flow and run their businesses in a difficult market, where price wars rage, orders can get slashed or cancelled and key suppliers go under.’ ‘The credit crunch is throwing up some real paradoxes. The banks are having to de-leverage their businesses and balance sheets very rapidly. Yet, these are the very institutions that the Government is seeking to encourage to get flow of liquidity to return to businesses and consumers – these objectives are mutually incompatible. Debt remains very very scarce. ‘It is in large part this absence of debt which is forcing many companies to return to the equity markets. A glut of rights issues and private placements is on the way, many of which are happening because the debt markets are simply closed. Ironically, this currently represents some of the best business around for the investment banks, given the collapse of traditional transaction M&A advisory work. Meanwhile, Baird continues, the post Christmas fall out from the high street has been as bad as predicted. The final three months of 2008 and the first weeks of 2009 have seen the demise of many well know brands, from Lehman Bros and Woolworths to MFI and Whittard of Chelsea. Financial services and retail may have borne the brunt of the recession so far but with consumer confidence continuing to slide, unemployment rising and widespread falls in business orders mounting, the next four to six months are likely to indicate how deep the effects of the recession will actually be and in all likelihood confirm that the worst is not over yet,’ concluded Baird.
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