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Manufacturing industry news
News Release from: PricewaterhouseCoopers
Edited by the Manufacturingtalk Editorial
Team on 06 August 2003
Manufacturing insolvencies fall 7%
The number of manufacturing companies entering insolvency fell by 7% in the first half of 2003 compared to the same period in 2002 according to figures released today by PricewaterhouseCoopers.
The number of manufacturing companies entering insolvency fell by 7% in the first half of 2003 compared to the same period in 2002 according to figures released today by PricewaterhouseCoopers In the second quarter of this year, 421 manufacturing businesses became insolvent, a drop of 9% on the previous quarter
This article was originally published on Manufacturingtalk on 11 Jul 2008 at 8.00am (UK)
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According to business recovery experts at PricewaterhouseCoopers the fall in manufacturing insolvencies highlights the trend towards a more consensual restructuring of debt rather than formal insolvency proceedings.
It also reflects a desire from both management and banks to support viable businesses through continuing trading difficulties in both domestic and export markets.
Across other industry sectors PricewaterhouseCoopers analysis revealed that the number of retailers entering insolvency in the second quarter of 2003 dropped by 5% compared to the same period a year ago.
In contrast there was a sharp rise in insolvencies in the construction sector with 290 construction firms entering insolvency in the second quarter of 2003, a rise of 11% on the same period in 2002.
Mike Jervis, partner in the Business Recovery Services practice at PricewaterhouseCoopers, commented: "Banks and creditors are now prepared to go the extra mile to avoid insolvency.
As a result, although customer orders and output remain depressed fewer struggling manufacturers are going to the wall.
Active support from stakeholders has ensured that viable manufacturing businesses are positioned for an upturn in market conditions.".
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