Britain’s economy unexpectedly fell back in August as factories and consumer services firms struggled, putting the UK on track to shrink overall in the third quarter, according to the ONS (Rui Vieira/PA)
(Picture: PA Wire)Business distress, and collapses, are on the rise. The Insolvency Service recently reported that corporate insolvencies have started to increase; against the backdrop of a recent rapid slide in sterling in particular, it is more difficult than ever for those leading companies to navigate an already-challenging landscape.
The recent increase in insolvencies is driven by a number of factors – notably, for example, the withdrawal of pandemic-related Government support for companies – and, together with increasing scrutiny of companies by regulators and creditors, the result is that businesses of all sizes, and across many sectors, are facing significant challenges. Regrettably, these challenges will in many cases prove insurmountable.
