The latest statistics published by the Government’s Insolvency Service have shown that the number of companies going into liquidation has increased in the first three months of 2017. In the period January to March there were 3,529 company liquidations, an increase of 5.3% on the previous quarter and a rise of 5.4% on the same period last year.
The number of companies being wound up is something of a yardstick for the economy as a whole: the more companies go bust, the worse the economy is performing overall and the knock-on effect of businesses closing tends to fuel a spiral of company failures.
The number of company failures peaked in 2009 and has been on a gradual decline since then. Whilst the overall number of company liquidations remains well below the previous peak, the fact that liquidations are increasing is still a cause for concern.
If you are concerned that your company is heading for financial problems, call us today to find out your options. There are a range of business recovery procedures that can be used to prevent a company from going bust and we offer a free and confidential meeting to discuss your options in detail.
To find out more, call us today.
We can help.