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With the number of firms falling by the wayside in Scotland only likely to increase, accountants specialising in insolvencies are beefing up teams to deal with the expected influx of business.

As more companies collapse, this means more work for insolvency experts and, though the tidal wave has yet to hit, accountancy firms are gearing up for it.

KPMG in Glasgow says it has plans to increase headcount in this sector by 60 to 70.

Blair Nimmo, partner at KPMG, says: “We are making quite a significant investment in this area.”

Another Scottish law firm, Edinburgh-based Johnston Carmichael, has moved into bigger offices in the city after increasing its insolvency team to 14 – an increase of 40%.

Matt Henderson, an insolvency practitioner at the firm, says: “We believe spring 2009 will be the peak and we are expanding accordingly. I, and also members of my staff, have had a lot more calls from recruitment consultants then usual, suggesting other firms are doing the same.”

So while other areas of financial services are trimming headcount or witnessing hiring freezes, accountants in the insolvency sector don’t have a care in the world, it seems.

Eileen Maclean, Scotland council member for accountancy trade body R3, says: “When the marketplace is busy, one of the first signs is a lot of movement in the industry – it suggests there are jobs out there and people aren’t as worried about hanging on to the jobs they have.”