Firms ?facing more insolvencies?

22/10/2009

It's reported more UK companies face the threat of insolvency next year, despite the number of firms failing, falling in the past three months.

The BBC reports on a recent study that it's estimated that 134,000 businesses still showed material signs of distress and described how the UK is in the mid-point of a W-shaped recession.

It warned how the 1980's recession also saw a temporary rise in business confidence before rapidly deteriorating in 1982.

It marked engineering and recruitment sectors as the most impacted by adverse actions.

If you or your business has been affected by the downturn in the economy EuroDebt has lots of help and advice to help you make the right decisions and move forward.

Kevin Still, Director of debt management company EuroDebt says "Business failures affect not only the business owners but also the employees.

Many small business proprietors use personal finance like credit cards to prop up their business and this can go horribly wrong when personal guarantees are called in, which may include their home.

For employees, the consequences can be very distressing. loss of income has become EuroDebt's number one reason for people starting a Debt Management Plan'>Debt Management Plan or an IVA".

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