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Business Insolvency Rises by 14/100

The recent recession may have ended, but I’ve seen no let up as yet in the number of businesses that are still struggling and trying to weather this particular financial storm.

Begbies Traynor, a group of insolvency experts, has stated that the number of businesses in this country that are either having severe financial difficulties or are at a critical stage in their life has risen by a huge 14%.  These businesses are still currently trading, but they are at such a critical stage that they may not be able to do so for much longer.

This flies in the face of the more positive outlook the government currently has on the world of business following on from the recession.  The company points out that this figure points to a minority of businesses, but it is a large minority nonetheless.

The other blot on the landscape is the real possibility that interest rates will soon start to go up.  This in turn could lead to some of these businesses struggling even more, as they will find their plans for pulling themselves back from the brink become harder to bring to fruition.

One thing I have noticed of late is that worries about job losses are actually becoming more prevalent.  This is borne out by this report as well.  While the recession is officially over more people are worried now than they were several months ago.  This report on business insolvency only serves to underline the problems that the business sector is still going through.

If you are concerned about the future of your own business and you want to discuss your financial situation, you may contact us here at St Matthew for impartial advice and information today.


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