Bankruptcy Figures Soar As Individuals And Companies Continue To Go Bust

Feb. 3, 2010 - PRLog -- Bosses of small companies have been forced to borrow money from family and friends as well as racking up huge credit card bills in order to keep their business afloat.

Although the banks pledged their help to businesses - that they would help them through the recession - this does not seem to have come good.  In fact many businesses are struggling and being crippled by customer’s inability to pay on time.  It seems that even the Government have had trouble paying their bills, with 1 in 3 being paid late.

Now, more than ever, paying bills on time is so important.  Managing Directors looking to cover costs have dipped into their own personal accounts to cover wages and rental bills.  

Figures show that 41% have used personal savings to bail themselves out and 21% have put bills onto personal credit cards in order to avoid insolvency.  40% of businesses that tried to borrow money in the last half of 2009 were turned away.

With worrying statistic like these surfacing all of the time, 2010 is likely to see more corporate insolvencies as well as personal bankruptcies.

http://www.jackaladvisory.co.uk/corporate-insolvency

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Jackal Advisory are a boutique form offering insolvency advise to individuals and companies as well as employer covenant services to trustees.