Published: 17/10/2018 By Sam GoodliffeGet to know the knock-on effects of insolvencies in your sector!
Further to a recent article by Business Matters it is clear that many businesses are falling on hard times. With big business failures like Toys R Us and Carillion construction group making the headlines in 2018, some businesses are only now starting to feel the effects. In the first quarter of 2018 alone there was a 20% increase in UK building firms becoming insolvent, with medium and small firms being the worst hit. Often firms will try to rebuild confidence by taking on new contracts but this frequently makes the problems worse by biting off more than they can chew – and in certain circumstances can result in directors being personally responsible for paying the resulting losses of the company.
If your company has suffered from significant bad debts it is important to act fast in order to avoid making matters worse. We at turpin barker armstrong strongly recommend seeking advice as soon as the first signs of financial stress arise.
The earlier you seek advice the more options there are available to you and your company. To get some free initial advice and discuss how we might be able to help you or your business don't delay and get in touch today.