We always knew economic recovery was going to be tough and information from the Insolvency Service has backed this up.
They have reported a significant rise in compulsory liquidations, reaching 3,320 in 2024, marking a 14% increase from the previous year and the highest level since 2014.
Tim Cooper, president of R3, commented: “Compulsory liquidation levels have increased compared to last year as creditors pursue the debts they are owed.”
David Kelly from PwC UK anticipates further insolvency filings in early 2024 as businesses reassess their financial positions.
The combination of increased employer NI contributions, a higher minimum wage and further protection for workers has, as expected, increased the pressure on businesses. Not only that but business rates are likely to climb.
More than ever it is important to scrupulously watch your cash flow and we have a document to help you.
Download our free cash management tool here to help you https://lnkd.in/ee3pfuGa
And if you want to talk over your current business plan or the likely consequences of insolvency we’re happy to help. Just get in touch.