Insolvency is stalking many UK businesses in the wake of coronavirus and Brexit. This has been particularly visible in retail, with 2021 already seeing stationery chain Paperchase in administration and former high-street leaders Debenhams and Topshop being mopped up by online upstarts Boohoo and Asos.
Meanwhile, pubs and restaurants are lobbying hard to be allowed to open sooner rather than later, while Chancellor Rishi Sunak is signalling that the March budget will give more support to businesses and workers.
But when the support measures finally stop, we can expect an insolvency tsunami. According to a recent report, the number of UK businesses in significant distress rose 27% year on year in the final quarter of 2020 to 630,000, with…
Read the full article at: https://theconversation.com/when-companies-go-bust-the-law-does-little-to-help-suppliers-get-repaid-heres-a-possible-solution-155579
