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ARTICLE · 06 NOVEMBER 2023

A Guide To Insolvency And How To Avoid It

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The economy has been hammered by a series of damaging situations from Brexit, the pandemic and from a doomed economic policy delivered by the 49-day government in 2022.

United KingdomInsolvency/Bankruptcy/Re-Structuring
Olu Ajasa
Olu Ajasa
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The economy has been hammered by a series of damaging situations from Brexit, the pandemic and from a doomed economic policy delivered by the 49-day government in 2022. It is not unexpected that there have been a higher number of company failures. The Insolvency Service disturbingly reports that in the past two quarters insolvencies were at the highest level since the second quarter of 2009.

Nicky Fisher, the president of R3, the trade association for insolvency and restructuring professionals, said: "The sad fact is that businesses are being hit from a variety of angles – and all these blows have an effect on their bottom line. Cost inflation has been a problem for some time and while this is expected to ease it is still sitting higher than many had predicted."

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