In March, the number of companies that filed for some kind of insolvency in the UK was up to 2,114, 112% higher than a year before and 34% more than in 2019. These statistics from the Insolvency Service reflect the struggles that many small companies in particular are going through. Government grants and tax deferrals have artificially held up parts of the economy, and the fact that they are being rolled back, coupled with rising energy and food prices, have meant that many company directors have decided to throw in the towel. What can be done to stem the growing tide of folding businesses, and what will the impact be if it keeps up at this rate?

Posted by Accountants' Club at 2022-04-26 13:26:34 UTC