Insolvencies are rising fast
But don’t give up now when help is at hand
The insolvency service figures for the first Quarter of 2022 make grim reading with totals at their highest since 2012.
Of the 4,896 insolvencies in England and Wales in Q1 4274 were creditors’ voluntary liquidations.
The Begbies Traynor Red Flag alert put the number of businesses in “critical distress” as up by 19% compared to the same quarter in 2021.
All this makes grim news for businesses that have survived the two years of disruption due to the Covid-19 pandemic and despite considerable ongoing cost, recruitment and supply issues have been hoping for at least some improvement in their activity levels.
The most vulnerable, according to Begbies Traynor, are the hospitality and construction industries.
But businesses should not give up when there is help at hand. The sooner you act the higher your chances of survival.
We are experienced in assessing every aspect of a business and coming up with workable plans for restructuring your business to survive.
Why not book an initial call to talk through your options.