- Thursday, 22 October 2009An increasing number of UK-based companies are seeking advice on corporate insolvency, it has been revealed.
According to the UK Insolvency Helpline (UKIH), there has been a significant increase in the number of advice-related calls that the charity has received.
An increase in the number of firms declaring themselves insolvent could result in a rise in the number of people entering into
individual voluntary agreements (IVAs) as a result of associated job losses.
A spokesperson for the UKIH said: "We have seen probably a 30 per cent increase in calls to our corporate insolvency helpline. We are seeing a huge increase across the board, from all different types of companies."
Business rescue group Begbies Traynor has suggested that the recession will deepen once again next year, predicting a "deluge of business failures".
The company further suggested that Britain is at the midway point in a "W" shaped economic downturn.
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