As insolvencies in the UK hit their highest level since 2009, Colin Haig, immediate past president of R3, says there are too many directors seeking help too late.
The latest figures by the UK Insolvency Service reveal there were 22,109 underlying corporate insolvencies in 2022, an increase of 57% from 2021s statistics.
The numbers show UK businesses are failing at the quickest rate since the financial crisis in 2009.
Haig, who is also the head of restructuring at Azets, says: directors need to be alert to the signs of business distress and seek help as soon as they show themselves.
If a firm has cashflow issues, problems paying staff, rent, taxes or suppliers or is seeing stock start to pile up, thats the time to speak to an appropri…
Read the full article at: https://www.accountancyage.com/2023/02/02/insolvencies-reach-13-year-high-as-director-seek-advice-too-late/