A newly-released report from R3, the insolvency and restructuring trade body, shows that the profession rescued 7,200 businesses and saved 297,000 jobs in 2019.
The profession advised around 60,000 businesses in 2019 about insolvency and restructuring-related issues. Four out of 10 (39%) businesses advised by R3 members were still operating after their insolvency procedure concluded, the report says.
An estimated 353m was returned to creditors in corporate insolvencies.
Of R3 members corporate insolvency work, the most common procedures were:
- 55% creditor voluntary liquidations
- 34% administrations
- 7% compulsory liquidations
- 5% company voluntary arrangements.
The top four reasons for a companys insolvency were:
- Management failure
- Fin…
Read the full article at: https://www.recruiter.co.uk/news/2021/05/over-7000-businesses-saved-insolvency-2019-says-r3-report
