Recent decline in businesses facing distress in Yorkshire – but watch this space

The figures for the number of corporate insolvencies in the third quarter of 2021 show a small decrease in business failing in that period.  This is despite all the headlines in the news about supply chain issues and fuel cost rises.  Whilst this is encouraging news, we believe that it is too early to say whether or not UK Plc is on a rocky road as we come out of the pandemic.  We have certainly noticed an increase in the number of enquires from directors of distressed businesses in the last few weeks.

The announcement that there will be no immediate increase in interest rates this week was certainly good news for individuals with mortgages and also businesses in general.  The comments from the BOfE that rates might have to rise if things change however shows that in their eyes, the recovery is by no means certain.

Here at Redman Nichols Butler we recognise that these are challenging times for business and we are always at hand to provide any input or assistance we can to businesses and their directors who are concerned about their future.

For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or should you or your company be facing financial difficulties and you need to chat, please telephone Charlotte Hutchinson on 01377 257788 and she will make you an appointment with one of our insolvency professionals at our Driffield, Hull, Grimsby, Scunthorpe or York offices.  Our initial meetings are free and without obligation.  Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.

Because we are an independent insolvency practice, we keep our overheads low and have put systems in place to deal with simple liquidations at an affordable price of from £1,995 + VAT + Disbursements.  Our MVLs are from £995 + VAT + Disbursements.

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