Businesses continue to face significant financial challenges, necessitating tough decisions about their future. The latest insolvency statistics from The Insolvency Service provide a clear picture of these struggles, with monthly figures showing a drop in certain insolvency procedures, while annual trends highlight ongoing difficulties.
Key Insights
While the monthly figures suggest a reduction in some insolvency procedures, the annual data underscores persistent financial difficulties for businesses. This ongoing trend indicates that many enterprises continue to face significant challenges, leading to tough decisions regarding their future operations.
If your business has suffered from insolvency and you have signed a personal guarantee (PG), get in touch. A personal guarantee is a document where the terms of that document legally bind you once your supplier terminates their contract with you. As a guarantor, you become instantly liable for the full debt balance. This may mean you do not have the means to pay it all together and need some help and a strategy to find the best way out.