The Insolvency Service have reported that business distress has continued to rise from 2018. In England and Wales, the total number of company insolvencies in Q1 of 2019 increased by 6.3% from Q4 2018 and 5.3% compared with the same quarter last year.
Company Voluntary Arrangements (CVA’s) rose considerably by 43% with Administrations up by 21.8% making it the highest rise seen in the last 5 years.
As we all know Brexit is a big concern with many companies choosing to stockpile supplies because of the expectation of boarder holdups. The result has a negative effect on cashflow and in turn has pushed many businesses into distress. Whilst Brexit is probably seen to be the main reason for the rise in insolvency the usual high business costs and low consumer confidence has also had a negative effect.
We have created a Guide to Business Recovery and Insolvency to try and give some guidance on how to spot, react and act against business failure. For those unable to save their business, we include some solutions to minimise the impact of a company closure.
Gibson Hewitt are recovery specialists winning the Corporate International Global Awards for Corporate Restructuring Advisory Firm of the year in England. We have been helping businesses and individuals going through cashflow crisis for over 25 years.
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