Almost two-thirds of all businesses could be at risk of insolvency, according to official figures that reveal the UK could suffer a flood of bankruptcies over the coming months.
The Office for National Statistics (ONS) said that 64% of businesses across all industries were at risk of insolvency last month, with 43% of companies running on less than six months cash reserves.
The latest Business Impact of Coronavirus Survey (Bics) from the ONS found that the accommodation and food service industries and the administrative and business support industries had the highest percentages of firms at severe risk of insolvency, at 17% and 9% respectively.
Earlier this month the business secretary, Alok Sharma, reinstated rules that force directors…
Read the full article at: https://www.theguardian.com/business/2020/oct/28/uk-facing-flood-of-bankruptcies-over-coming-months-says-ons
