Northern Ireland – Highest Rate of Business Insolvencies
Published 28 June 2019. By Kym Horner
Northern Ireland has seen the highest increase in business insolvencies in the UK since the announcement of Brexit, according to a new figures released in June.
Creditsafe, who complied the report, compared the total number of business insolvencies throughout different regions in the UK between 2016/17 (Brexit) and 2018/19.
Their research highlighted that the number of firms in Northern Ireland who had gone out of business had increased by 114% on an annual basis. This figure places Northern Ireland above locations such as Greater London, where the number has increased by 103%. The report shows an overall increase in insolvency numbers throughout the UK over the last 3 years across a range of business sectors.
If you find yourself in the unfortunate situation where your business is struggling or is facing financial crisis, we would advise you to take swift action to ensure your business can continue trading.
At MKB Law, our dedicated Debt & Insolvency team will provide you with pertinent legal advice and assistance. Please contact David McAlinden, Director and Head of Debt, to discuss options available to you and your business going forward.
This article is for general guidance only and should not be regarded as a substitute for professional legal advice. Source – Irish News