Monthly insolvency data

ended 17. May 2022

This morning at 09:30, we're getting the latest official insolvency data for both companies and individuals. Are you seeing more people and businesses struggling? Do you expect it to get worse during 2022?

3 responses from the Newspage community

If support measures are not put in place soon, the outlook for businesses will undoubtedly worsen. We're seeing an increasing number of companies facing impacted turnover, unable to compete, reducing personnel, scaling back on investment plans, and exiting markets. Sadly, many firms will be forced into insolvency if they're unable to overcome these challenges. Our clients are already approaching us to seek the support they so urgently need, which is a clear indication of the severity of what is happening in the broader business landscape.
"Our clients, who work in all sectors, are telling us that it's exceptionally tough out there right now. The cost of providing services is going up but that is not being matched by the willingness or even the ability, of customers to pay for the rising costs. Usually this is restricted to a single sector, but currently we are seeing a perfect storm. Many established businesses are telling us that they are rapidly running out of money and liquidity is fast drying up as the banks tighten their lending criteria. The next couple of years could be brutal."
"Yes, there are countless businesses struggling, but there are also many businesses that are thriving. With all the doom and gloom dominating the headlines about looming recessions, soaring inflation and rising interest rates, it's important business owners reflect a minute and pat themselves on the back. If they can succeed and stay afloat in trading conditions like this, just think about how they'll perform when the economy settles down."