Professional insolvencies on the rise in the UK

The statistics, from Exaro, also show a 13 per cent rise in the number of winding-up orders and resolutions. There was a three per cent increase in winding up petitions. However, the number of administrations and receiverships fell 62 per cent. Exaro says: 'While the figures show that fewer companies in the sector entered the first stages of insolvency, the prospects for law firms specifically look more ominous.' Another law firms, Midlands-based Hacking Ashton, went into liquidation this week after it was unable to pay for professional indemnity cover.