'Redundancy floodgates' will open without support, warns union
This is likely to be unsurprising. If you are in a difficult spot with your business or career, and feel you could benefit from a free, no-obligation 121 chat...
This is likely to be unsurprising. If you are in a difficult spot with your business or career, and feel you could benefit from a free, no-obligation 121 chat...
Hello everyone - I hope you are all well and enjoying these few rays of sunshine we are currently having! I just wanted to update you on some news I have lea...
Everybody wants success these days—and who can blame them? Job stability has never been in such jeopardy, leading people to take on second, third, and even fou...
So, here’s the thing: you’re ambitious, you’re smart, and you’re motivated but the results don’t come like you thought they would… and that sucks! The problem ...
New #YouCanAdoptcampaign launches to debunk the myths on adoption and highlight the number of children looking for a new family. Caritas Care are thrilled to...
The COVID-19 lockdown saw a surge in the numbers of employees working from home. Many staff have yet to return to their place of work and may not for some time....
Sam Lyon, Head of Corporate and Commercial, notes that insolvency experts are expecting a large rise in the number of companies going out of business towards the end of the year. He would urge anyone who is concerned about the future of their own business, a customer or supplier to seek advice as early as possible. Doing so will give them more options about their next step and allow them to make a more considered decision about how they move forward.
The insolvency trade body R3 surveyed its members and found and that an overwhelming majority (93.7%) of respondents expect corporate insolvency numbers to increase.
More than half (56.1%) of the respondents expected corporate insolvency numbers to be significantly higher than in 2019, while 37.6% think they will be somewhat higher.
And out of those who said they expect numbers to rise, nearly six out of ten (56%) think the increase will happen in October-December 2020, while more than a quarter (26.3%) expect it to occur in January-March next year.
A spokesman for R3, said: “Despite the lockdown, the economic turmoil and the fall in GDP of more than 20% in April, corporate insolvencies in April and May actually decreased in comparison to the previous months, according to the government’s figures.
“This is in no small part due to the government’s support measures, which have helped a number of businesses that would otherwise have struggled as a result of the pandemic.
“Our members also told us that during April and May, the enquiries they received were mainly around advice on companies’ eligibility for the state-provided relief packages, rather than formal insolvency support.
“However, it’s clear from the results of this survey that it’s a question of when, not if, corporate insolvency numbers increase, as the support available to businesses has deferred rather than deterred the rise in corporate insolvencies you would expect to see in an economic climate like this.
“We would urge anyone who is concerned about the future of their business to seek advice as early as possible. Doing so will give them more options about their next step and allow them to make a more considered decision about how they move forward.”
Respondents felt the main triggers for corporate insolvency advice over the next 12 months would be rent payments or arrears (61.7%), trade debts (49.7%), tax payments or arrears (48.1%), and wage payments (35.5%).
Nearly four in five respondents (79.8%) said pubs/bars would be the worst hit by the Covid-19 pandemic; a very similar proportion (78.7%) said restaurants; and 63.9% said tourism operators.
Hotels (40.4%) and retailers (31.1%) were also identified as likely to be affected.
Please contact Sam on 01228 585245 if you have any concerns about the impact of business insolvency on your business. These include the responsibilities of company directors, acquiring the assets of a failed business and help with debt recovery.
Whether you are in the early stages and just seeking information or you have been considering adoption for a while, joining us at one of our online information...
Attending a Fostering information event is a great place to start if you want to learn about the process of becoming a foster carer.We understand that making th...
Whether you are in the early stages and just seeking information or you have been considering adoption for a while, joining us at one of our online information...
OverviewWelcome to the UK Public Sector Sales H2 Kick Off!Join us for an exclusive event designed to empower business owners and salespeople with the knowledge...
This Cyber Resilience workshop aims to cover three simple concepts: Defend. Innovate. Grow.We encourage a secure by design philosophy, and we work with business...
A host of lovely events from Booths at various Booths shops across the North West.