Corporate insolvencies fell by 27.1 percent for 2020 in England and Wales but the statistics dont convey the distressed situation many businesses across the UK find themselves in, according to Azets restructuring and insolvency partner, Stephen Grant.
At face value, the reduction in corporate insolvencies seems like cause for celebration, but these numbers mask the true extent of the damage done by the pandemic, Grant said in a press statement.
Theres a bit of a wartime spirit out there as well people are being quite forbearing. The government has obviously put in some support, and also the courts are effectively closed so nobody can really enforce anyway, Grant said.
The president of insolvency trade body R3, Colin Haig said the go…
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