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Companies turning over £15bn enter insolvency in first two months of \\\'09

Statistics released by Insolvency News show that companies in the UK turning over in excess of £15bn have entered into formal insolvency processes in the first two months of 2009. 

Their statistics also show that leading insolvency practices had to take control of 6,600 commercial properties and deal with over 97,000 employees.

The downturn is affecting a swathe of large and well known companies, and, unfortunately, this is beginning to have it inevitable knock on effects on the supply chains of these firms. 

Recent enquiries show continuing difficulties in construction and fabrication with other areas of manufacturing being affected.

The message from Gore and Company is "don't wait until it's too late!"   R3, the Association of Business Recovery Professionals, says that for businesses "In times of financial crisis, taking early, independent advice is crucial."

If you feel that your business is facing a downturn, if you need restructuring advice, if you need to look at your options and position as a director of a business in insolvency, don't hesitate to contact us.

Please note that the above is provided for illustration purposes only and comprises a short view of extremely complex insolvency and other legislation. This is a complicated area and specific advice must be sought before undertaking any course of action or before refraining from any course of action. Gore and Company takes no responsibility for any loss incurred to or by any person who either acts or refrains from acting on the basis of the above or of any other item published on this website. The above note may not be reproduced without the prior written consent of Gore and Company.

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