Credit rationing is forcing a growing number of companies to seek the advice of corporate restructuring consultants. As funding lines come to term, more and more companies are being told they will not be refinanced or that they will need to undertake risk mitigation measures.Companies are feeling the pressure as lenders are seeking to reduce large individual exposures and also exposures to higher risk industries. PPB partner Mark Robinson said his firm was seeing more business as a result of this pressure. He said: "There is still money for good businesses but for others it is tough."The trend is yet to show up in insolvency figures. The Australian Securities and Investments Commission's monthly report on commercial insolvencies shows that 706 companies went into administration in February. The monthly average in the previous 12 months was 633 but there were three months in 2007 when the number exceeded 700.The most common reasons for companies to enter external administration were court wind-up and creditors' wind-up.ASIC figures show that 1000 insolvency appointments were made in February. The monthly average for the previous 12 months was 1011 and there were seven months in 2007 when the number exceeded 1000.Robinson said particular industries were feeling the pinch more than others. "Property developers are affected by falling prices and weak trading conditions. Many of them are having difficulty selling their products."The ones who are getting to the end of their current financial arrangements are finding that it is not easy to get refinanced. Banks are definitely looking to reduce their exposure to that sector."Robinson said another group that was badly affected were investors who bought pubs in the past couple of years. "The pub market went through a boom and there is no question that anyone who invested in the past couple of years paid too much. Pub valuations are going down and the investors are having a tough time with their banks."Deloitte chief operating officer Keith Skinner said that with property in the doldrums lenders were worried about their exposure to property developers and highly leveraged property trusts. Finance companies are regarded as another high-risk sector.Skinner said: "Lenders are definitely looking at their portfolios. We are not at the stage where it is hard for everyone but what we have seen in past slowdowns is that credit rationing starts with high-risk companies and then filters in the whole of the middle market. "Our view is that we are in a slowdown and we have further to go. To the extent that financiers have limited assets to lend they are going to focus on their best credit risks."Skinner said the conversation between lenders and their high-risk customers was not always a flat refusal to refinance. "Lenders will work with their customers if they see value in that. They will look at what performance improvement measures can be taken, how they can improve cash flow, what surplus assets can be sold. We are seeing that now and there is no doubt we will see more of it."Citi