Senior partner and insolvency practitioner at Hall Chadwick, John Vouris, said there have always been challenges and hurdles small businesses have had to face, yet there are more insolvencies than ever.
“Over time there have been recessions, there have been global economic crises, there has been the .com, boom bust. There are always external issues,” he said.
In present and past economies, industries facing the most economic challenges include construction, accommodation and food services – all of which make up a large portion of companies facing collapse.
Along with the pandemic, Vouris said inflation, the cost of employment and the cost of products have been the largest contributing factors to the fall of…
