It’s been reported that the amount of large Scottish businesses falling into administration in the third quarter, was down by 29 per cent when compared to the same period last year. Additional to this, KPMG’s latest figures show overall corporate insolvencies to be up.
In the three months to September, 17 administrations appointments occurred in Scotland, 7 less than that in 2017. Administrations were found to hit larger business the most. Liquidations were seen to affect smaller businesses, and were found to of risen to 225, up 16% from the same period in 2017. Overall, there was an increase of 217 total corporate insolvencies in this quarter, compared to the same quarter, 2017.
KPMG’s UK head of restructuring, Blair Nimmo, said how confidence of businesses in Scotland is high, compared to the rest of the UK. Large businesses especially, are demonstrating resilience with the current environment of political uncertainty and Brexit.
‘’UK Headlines have been dominated by challenges in the retail and casual dining sectors, but there are positive signs of growth in Scotland in sectors such as tourism and financial services. Demand for building services also remains strong, thanks to ambitious housing targets. Stability is returning to the oil and gas sector’.
What will be the case for Scottish businesses in Q4?