City sees a fall in firms going bust

The number of Cambridge companies going bust during the first quarter of this year fell from 15 to 10 quarter-to-quarter, and was down two on the same quarter a year ago.

Chris McKay of insolvency practitioners McTear Williams & Wood said: “While the drop in corporate insolvency is encouraging for the economy, most insolvency practitioners are still expecting the numbers to rise. The key areas of risk for Cambridge are different from other parts of the region in that such a lot of Cambridge enterprise depends on funds being raised. One element is that funding is money that comes from the public finances. We will need to see where the Government spending cuts fall and what impact that will have on businesses and indeed individuals in Cambridge”.

Cambridge News
1 June 2010

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