Business Insolvencies hit five year peak
As per the Government’s Insolvency Service,the business insolvency total hit more than 4,000 in first three months as Brexit issues and the problems with the high street hit. The industries hit the worst 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”
Rising 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
Poor 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 avoid insolvency is to make sure that their credit management and accounting systems are good enough to retain the required level of liquidity.
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One way to survive is to get a cash injection,but in these hard times it can be hard to find a lender,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
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For more see this useful website