RECORD numbers of business people are cashing out by paying their debts and liquidating their companies, a business recovery firm has said.
Whiteley-based Portland said the past 12 months had seen a 60 per cent rise in the number of solvent liquidations, where creditors are paid and the remaining balance distributed among shareholders.
During 2020, the firm paid out more than 56million to shareholders of more than 80 companies, including collection of debts and refunds of 6m.
Portland says the companies it assisted included local business and large national brands. They included an app development company, a long-established printing firm, a global wind turbine business, a number of IT and management consultancies and a hotel which sold …