Insolvency Statistics & Information – Q3 2013
Richard Simms Comments;
“The latest insolvency statistics show how across the board of insolvency procedures the figures are dropping. Many would see this as a positive step forward away from insolvency but these businesses that are not opting for formal procedures must be careful that they are not dealing with their struggles on their own. By not seeking professional advice it may cost them their business later down the line.
Professionals such as Accountants, Insolvency Practitioners and Bookkeepers are all people who can advise constructively on a business and guide the director on the various options and solutions that may help them at the initial stage of their concern. If directors see that issues are arising and are opting out of seeking advice on formal procedures they may just be postponing and decreasing their chances of overcoming their problems.
We understand that insolvency is a hard topic to be discussed, but the sooner directors can seek advice regarding these worries the better.”
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