More than 140,000 companies fell into financial trouble in the final three months of 2009 as experts today warned the worst was yet to come for recession-hit firms.
lack of preparation
"With tax and interest rates certain to rise, as well as increasing pressure on consumer spending, there is every reason to suggest that the insolvency peaks of this recession remain some way off."
car scrappage scheme failed to prevent a 26 per cent surge in car firms falling into "critical" financial condition quarter-on-quarter, with the number also up by a fifth on 2008
The temporary VAT reduction, which came to an end on January 1, helped contribute to a 32 per cent decline in retailers suffering critical problems compared with the third quarter, down 21 per cent year-on-year.
Scotland saw the highest number of firms hit financial woes at the end of 2009, while it was also the only region to see a rise against a year earlier.