27 September 2019: BRI’s team of Insolvency Practitioners has seen an increase in enquiries from distressed companies. In 2017 it was reported that we were likely to see an increase in insolvency due to Brexit delays. The number of appointments that BRI have taken in the last quarter was double that taken in the same quarter in 2018.
Businesses have reported that the further delays and the uncertainty surrounding Brexit has weakened the confidence and cash flow has inevitably ran out for many, leading to many redundancies in small owner managed businesses.
This week, whilst the government continue to battle it out over Brexit, we have seen some reputable long established British names like Thomas Cook and Wrightbus entering liquidations and administration.
The ripple effect of big names entering insolvency is consequently going to lead to delays for employees receiving their redundancy entitlements from the Redundancy Payments Office. The increased volume of claims has, in the past, lead to delays in payments to individuals.
BRI’s team of experts continue to work hard in supporting business owners and their management teams in dealing with the continued financial pressures they are facing. We deliver a proficient service without any false promises. If you have a client or are in need of advice, please do not hesitate to contact any one of the experienced management team at BRI Business Recovery and Insolvency.