Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
iStock 1186614184 - Business Express
Business people are analyzing and planning business. Business Strategy Consulting



An insolvency practitioner at one of the country’s leading accounting firms is urging business owners to seek advice early or risk liquidation being the only option available amid rising company insolvencies.

The warning comes as quarterly insolvency statistics for July to September (Q3) 2022 reveal formal corporate insolvency appointments are currently over 50% higher than levels in 2021.

Nicola Banham, Insolvency Director at Azets, the UK Top 10 firm, believes more businesses can be saved from liquidation, with insolvency procedures designed to protect businesses from closure.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

She said: “These latest insolvency statistics for Q3 evidence a significant increase in the volume of companies feeling financial stress. There were 16,105 corporate insolvencies in the first three quarters of 2022 compared to 9,433 during the same period in 2021 – a 71% rise.

“This pressure will continue to build as companies face ever increasing costs at a time of prolonged economic uncertainty. Alongside this, the cost of servicing debt is rising due to increasing interest rates, which are expected to continue to rise and further exacerbate matters.

“The most common insolvency procedure is liquidation – bringing the business to an end. Directors should seek advice from an insolvency practitioner at the earliest opportunity, to understand the alternative options available which may save some or all the business.”


Recent Post: