According to the Government’s Insolvency Service,the business insolvency total hit more than 4,000 in the first quarter 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 said uncertainty over Brexit had placed firms under high 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 firms and the self-employed.
The level of administrations in the first three months of the year also increased to 451,up 218% from the final three months of 2018 â this being the highest recorded since the first three months of 2014
Low trading figures over the crucial Christmas shopping period did not help,subdued levels of consumer confidence being blamed here. There are around 481,000 British businesses in significant distress and are exposed to a real risk of becoming insolvent.
One of the best ways that companies can guard against insolvency is to make sure that their credit management and accounting systems are strong enough to retain the required level of cash required.
Is your business possibly heading for insolvency?
One way to survive is to get a cash injection,but in these difficult times it can be hard to find a lender,which can mean dealing with difficult bankers. But there is another way if you trade with other businesses and are often paid late. This hidden source of capital within your company is just waiting to be activated and better still you could be due significant compensation
Antony Batty does all the hardwork for you.
We recognise that most companies do not have the resources or knowledge to spend time on the identification and calculation of Late Payment Compensation. We can produce a report very quickly,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 companies concerned.
We do all the work,you receive the cash 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 information