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UK business failures set to increase

The UK is expected to see the largest GDP contraction in Northern Europe following a “stringent lockdown” and “high Brexit uncertainty”.

In the first half of the year, insolvency levels have not reflected the economic decline experienced in many markets. In fact, insolvencies fell, with UK insolvencies down more than 20% and similar patterns replicated globally.

This can be explained in part by the changes to the insolvency regime in most countries, designed to protect companies from going bankrupt. These include temporary suspensions of insolvency applications, preventing creditors from starting insolvency procedures or raising the debt threshold for bankruptcy notice. As the support programs begin to expire, the number of filings will inevitably climb.