Times are still tough for businesses
By Mr Bankruptcy
15th November 2023
Times continue to be tough for businesses and last quarters’ insolvency figures clearly demonstrate just how difficult it still is for business owners to avoid unmanageable debt in a challenging operating environment.
Insolvencies are on the increase
The most recent government figures revealed that between 1 July and 30 September 2023, there were 6,208 registered company insolvencies, of which 4,965 were creditors’ voluntary liquidations, 735 compulsory liquidations, 466 administrations, 41 company voluntary arrangements and one receivership appointment.
The number of insolvencies for the last two quarters of 2023 makes this year is look as though it will see the highest number of insolvencies since the 2009 financial crisis and the highest numbers of CVLs since 1960, with insolvencies in England and Wales rising 10% from a year ago in the three months to the end of September.
With the number of businesses, with county court judgments against them that exceed £5,000, rising by 25% over the same three-month period it doesn’t seem as if the situation will improve any time soon.
The challenges facing businesses continue to grow
Many business owners and managers thought that Covid would be their toughest challenge, but inflation and energy costs are still high, while the cost of borrowing has increased but government support has been withdrawn.
All of these factors, together with reduced consumer confidence and spending, have made it a very difficult environment in which to start, grow or sustain a going concern.
Is now the time to take action to deal with unmanageable debt?
In times of financial struggles, many businesses seek the advice and support of debt advisors to navigate a way forward in order to resolve debt issues. In any situation, it is often critical to take action sooner rather than later and prevent debt issues from spiralling out of control.
As specialist debt advisors, at James Rosa Associates we support both companies and individuals to find solutions to deal with their debts once and for all, to stop people from becoming overwhelmed by their financial situation and to be able to look forward to the future again with some optimism.
We appreciate that each client’s situation is different, which is why we will put together a bespoke solution to tackle their specific challenges, offering support in a range of situations, including:
- Debt management plans advice
- Individual Voluntary Arrangements (IVAs) advice
- Company liquidations and dissolutions advice and support
- Company administrations, CVAs etc advice and support
- Negotiated full and final settlements with creditors
- Personal bankruptcy
- Personal Guarantees
If debt is preventing you or your business from moving forward, don’t waste time in seeking specialist support to ensure you get you back on the right track.
James Rosa Associates
James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors who face unmanageable debt or who are involved in civil or commercial disputes. Our services include:
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
Find out if you qualify for a free consultation
If you want to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.