INSOLVENCY experts are at their busiest for 10 years as company failures soar, said a leading practitioner.
Andy Wood, regional chairman for the Association of Business Recovery Professionals in Yorkshire, said the credit crunch had hit many sectors.
“We have had a steady stream of businesses wanting advice about what they can do,” he said. “Pubs and restaurants are being badly hit and so are developers.
“Many of these bought a plot of land to develop for their pension fund. Unfortunately a large number will not survive the end of the year.”
Mr Wood said many firms were oblivious to the problems. He said: “I can’t believe how many owners come to us without a clear picture of their current finances. They wait for their accountant to prepare year end figures before they know if they are making a loss.
“Every business owner should have software on their computer and be watching the figures on a weekly or even daily basis and responding to them.”
