220% Rise in Companies Going Bust in the UK
Business has become increasingly hard as the chill of the recession takes hold. The current economic environment is proving to be tough for businesses and is forcing many to go bust.
The Governments insolvency service has shown a 220% rise in insolvencies in the last three months of 2008 compared to the same period the year before.
The rapid economic and consumer downturn has left 2,428 corporate companies go into insolvency and in the same period 29,444 people were made bankrupt which is 19% more than the same period the year before.
Property Companies, bars, pubs and clubs have been the worst effected according to leading accountants as the housing market grounds to a halt and consumers cut their spending. Higher costs mixed with the slow down in consumer spending is leaving many companies with the risk of going under.
Leading experts have also predicted that the amount of people going into bankruptcy will reach record figures. Unfortunately people will not realise the extent of their debt problems until they have grown to considerable heights and will not be in a position to pay them all back or meeting their repayments. Increased spending at Christmas along with many people at risk of losing their jobs mean many will face financial difficulties.
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Article Source: ArticlesBase.com - 220% Rise in Companies Going Bust in the UK