As per the Government’s Insolvency Service,the business insolvency total reached more than 4,000 in first 3 months as Brexit issues and the problems with the high street hit. The areas hit the hardest were in the retail trade and the vehicle repair industry.
Insolvency experts have reported that uncertainty over Brexit had placed firms under intense pressure as they had to stockpile more parts and goods. One expert,Stuart Frith,the president of the insolvency and restructuring trade body R3,said firms had “exhausted their standard toolkit for coping with reduced demand”. He added: “Further discounting won’t cut it,or is impossible,and a restructuring is the only option”
Increasing employment costs,business rates and Brexit had taken their toll on smaller firms as uncertainty is a critical negative issue for small businesses and the self-employed.
The level of administrations in the first three months of the year also rose to 451,up 218% from the final three months of 2018 â this being the highest recorded since the first three months of 2014
Poor trading figures over the crucial Christmas shopping period did not help,subdued levels of consumer confidence being mentioned here. There are around 481,000 British businesses in great distress and are exposed to a real risk of becoming insolvent.
One of the best ways that companies can avoid insolvency is to make sure that their credit management and accounting systems are strong enough to retain the required level of liquidity.
Is your business threatened by insolvency?
One way to survive is to get a cash injection,but in these difficult times it can be hard to find that funding,which can mean dealing with difficult bankers. But there is an alternative if you trade with other businesses and are often paid late. This little known source of capital within your business is just waiting to be activated and better still you could be entitled to significant compensation
Antony Batty does all the hardwork for you.
We understand that most buinessess do not have the resources or knowledge to give time on the identification and calculation of Late Payment Compensation. We can produce a report in a very short time period,most often only needing a few hours of our client’s time.
Clients do not have to handle any part of the recovery process as the Antony Batty team will carry out all the communications with the buinessess concerned.
We do all the work,you receive the money and if you have been paid late on a regular basis,you could be due significant sums in late payment compensation.
For more see this useful website