Nearly half of sector facing insolvency risk

THE PROPORTION of lawyers and accountants in the south east at greater than normal risk of insolvency is the highest of any part of the UK.
By The Newsroom
Published 26th Feb 2018, 23:00 BST

The research by restructuring and insolvency trade body R3 found that nearly half of south east professional services businesses are at risk, with a rise of nearly 10 per cent last month.

Technology and IT and the construction sector are also among the top sectors with the greatest proportion of firms within them at above average risk.

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Mike Pavitt, Chair of R3’s Southern Committee, said: ‘Business owners and directors across all sectors are advised by R3 to continue to monitor their finances carefully,

‘It is vital to remain alert to signs of trouble, which requires high quality data to be available to management, and to be ready to adapt to the changing economic landscape.

‘If in doubt, receiving professional advice from qualified and regulated restructuring specialists as early as possible will help to maximise the options for a business and to ensure that greater value is preserved.’