Business experts in the North East are warning that the “insolvency dam has burst” following a number of high profile company failures.
The North East chair of insolvency and restructuring trade body R3, Chris Ferguson, was speaking after the publication of official statistics which showed there were 22,109 corporate insolvencies in England and Wales last year, a 57% rise on the previous year.
Last week saw long-established North East fair trade company Traidcraft go out of business while Killingworth firm Metnor Construction has filed notice of going into administration. The last few days has seen one of the region’s largest construction firms, Tolent, suffer major financial difficulties that are threatening its future.
