Recession Tool Kit- The whole Team needs to learn to “compress time”
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Headline: Going bust at breakneck speed
Description: By the end of his day in court, no wonder the barrister representing Her Majesty's Revenue and Customs has nearly lost his voice.

The court has heard 240 cases - an average of one every 90 seconds - and Mr Daniel Margolin has had a part to play in most.

And looking at the evidence around, the companies court at London's Royal Court of Justice are unlikely to get any quieter.

Even the member of staff on reception admits: "The case list is getting longer and longer. It's not going to improve any time soon."

The latest analysis from PricewaterhouseCoopers (PwC) says the downturn is showing "no signs of abating" with 5,483 firms becoming insolvent in the first quarter of 2009, up 57% on the same time last year.

"We can see that UK businesses are still suffering from the effects of the global recession as more and more of them enter into insolvency with no apparent signs of a slowdown in the near future," says Mike Jervis, partner in PwC's business recovery services practice.

Date: 01.05.2009
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