So the latest statistics indicate that the number of businesses going into insolvency is continuing to fall.
There are still a huge number of SME’s who would benefit from financial advice to help them avoid insolvency, estimates suggest that 150,000 businesses may be close to failure. Business Debtline have advised more than 50,000 companies since the start of the credit crunch, although a significant number this is still a relatively small proportion of struggling businesses.
Business owners who are struggling to cope financially should be encouraged to seek support, it’s not a sign of weakness, it should be seen as an acceptance of the current economic climate and an understanding that there are professionals who can help.
Let’s hope more businesses seek advice and that the number of corporate insolvencies continues to fall.