- Friday, 26 March 2010Figures released today by R3, the trade body for organisations involved in
bankruptcy,
debt management and individual voluntary arrangement (
IVA) provision, show that almost 30 per cent of small businesses believe they will go bankrupt if the economy suffers another dip.
The research, which examines the confidence of small businesses in their financial health, found that despite Britain’s emergence from recession, a significant proportion of small businesses were not looking forward with optimism.
Peter Sargent, R3 president, was not surprised by the results.
“The low level of business confidence is to be expected,” he said.
“Many struggling businesses drew heavily on their reserves in order to survive and their resources have now begun to run out.”
According to Sargent, almost 300,000 companies are in ‘time to pay’ tax arrangements with Her Majesty’s Revenue and Customs.
Hospitality industry workers were particularly worried by the prospect of a double dip, with nearly half concerned that such an eventuality could see their business go bankrupt.
Sargent advised any business owner concerned about the long term financial health of their company to seek
debt management advice at the earliest available opportunity.
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