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Tough times for struggling businesses

Published: 10/05/2022 By Hannah McCormack

The BBC recently reported that there is a huge rise in the number of businesses currently in critical financial distress (read the article here).

The cost of living is going up, Covid loan repayments are now due so it’s no wonder businesses are once again feeling the repercussions of the pandemic. That coupled in with the increase in minimum wage and National Insurance it’s all too much for some and sadly many of these businesses are on the brink of closing.

Each month we report on the government insolvency figures; (see the latest figures here) we have seen a rise in Creditors Voluntary Liquidations since the start of the year. A Creditors’ voluntary liquidation or CVL is a voluntary process that is available for directors to instigate the winding up of the company i.e. to shut it down. Compared to this time last year there has been 2.1 times more CVL’s. The numbers of CVL’s are also higher when compared to those prior to the pandemic with 62% more than in March 2019. These figures show businesses that have already gone into liquidation but we believe this is just the start of what will sadly be an increasing figure.
 
However, it doesn’t have to be all doom and gloom, here at turpin barker armstrong our aim is to promote a rescue and recover culture, helping businesses where possible, by providing strategies and solutions to ongoing issues. In order to do this as successfully as possible we need directors to come forward as soon as the first sign of any financial distress is shown.

Our Senior Partner Martin Armstrong comments the following:
“The earlier professional advice is sought the wider the range of options that are likely to be available. Furthermore, directors can avoid making the wrong decisions and leaving themselves open to criticism or worse”.

Don’t hesitate and get in touch today, we can usually provide advice on the same day you contact us, the first meeting is always free and you have no obligation to take up any of our solutions. Many of our clients say they wish they had come to us sooner as the thought of speaking to us was much worse than actually doing it. We have helped thousands of businesses and can guarantee there isn’t a situation we haven’t come across you just need to pick up the phone or email us.

Call 020 8661 7878 or email insolvency@turpinba.co.uk or fill out our contact form here