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Begbies' leaner, but the market's meaner

As the UK flirts with a third dip into recession, business should be booming for insolvency specialist Begbies Traynor (BEG), as cash gets tight for companies on life support. But it isn't. Record low government interest rates and banks reluctant to realise losses on loans have caused insolvency levels to fall 10 per cent on last year, according to government statistics. Ric Traynor, chief executive of Begbies, said he hasn't seen an insolvency market like this in 28 years, as he revealed a 21 per cent slump in underlying pre-tax profits to £3.2m in the half year.

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