Business insolvencies rise as government aid wanes

Business insolvencies rise as government aid wanes

Oct 15, 2021 by BBC News - Business

Key Facts

  • Insolvency experts predict more companies will fail in the coming months as business costs rise and government support wanes The number of businesses that failed in England and Wales last month was the largest since the Covid pandemic began.
  • Claire Burden, a partner at professional services firm Tilney Smith & Williamson, said the ongoing energy price rises will "reverberate into additional sectors" and push more companies such as those in manufacturing and consumer goods into financial strife.
  • Matt Richards, a restructuring and insolvencies partner at accountants Azets, said he expected the upward trend of insolvencies to continue "now that the government has withdrawn most of its corporate support measures".
  • "The additional pressures facing businesses today with higher inflation, staff shortages, increasing energy prices and the need to repay Covid-incurred debt, is likely to increase the number of insolvencies over the next 12 months."

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