Figures revealed for January 2013 showed that less corporate insolvency Advice was required since the last five years. This was because 1,271 firms went under in January, according to Experian, which is the lowest rate since before the credit crunch.
It must be said that it does not feel that way, as most insolvency advice companies are rushed off their feet!
It is still a concern that insolvency advice based on a rescue plan, is not getting through to those companies that have fallen. It would be interesting to know what insolvency advice was given and whether the directors would have done anything differently.
We believe that around half of the 1,271 firms could have been saved with good insolvency advice pointing the way to Company Voluntary Arrangements. It’s very distressing to see companies, after many generations of trading, just disappear just because they may have only been offered a Members voluntary liquidation or a creditors voluntary liquidation, rather than comprehensive insolvency advice.