Insolvency Numbers Up 13% This July
“SMEs are the backbone of the UK economy, but many have been badly affected by the pandemic. The restructuring community is better placed than ever to help them and other organisations with financial worries, but if directors leave it too late to ask for help, they will have fewer rescue or recovery options open to them.”
A fantastic statement from R3’s President, Colin Haig, highlighting the importance of seeking professional advice sooner rather than later.
The most recent Insolvency statistics outline where in some cases there have been significant increases, compared to July 2020 and July 2019, but some areas of insolvency are still lower than pre-pandemic levels.
Temporary measures introduced to restrict the issuing of statutory demands and winding up petitions have played a large part in these figures, as has government financial support.
These measures will cease to have effect after 30th September, as will the furlough scheme, placing exponential pressure on businesses all at once.
Seeking advice as soon as possible is key.
If you are a Director or major stakeholder and are concerned about the financial challenges you are facing this year, or you are a professional adviser seeking peace of mind for your clients, we are here to help. Contact us for advice and support:
North office: 01625 544 795
South office: 01442 233 123
East Mids office: 01246 224 399