'Huge increase' in companies seeking insolvency advice
www.moneynews.co.uk > General finance > 'Huge increase' in companies seeking insolvency advice
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Money News |
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'Huge increase' in companies seeking insolvency advice
Fri 23rd Oct 2009
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A spokesperson for the UK Insolvency Helpline made his comments following the release of a report by Begbies Traynor which indicated that there may be a large amount of business failures in 2010.
He claimed that there has been a 30 per cent increase in calls to its corporate insolvency line, which is often down to a combination of personal and company debts.
Often one leads to the other, where a person's finances can be dragged down by their company's lack of cash or vice versa, observed the spokesperson.
"The banks generally recommend this service because the debts have got to the point where they need to take initial advice," he explained.
Over the next month he is expecting to see 20 per cent more calls being received by the organisation's helpline.
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