Research shows that the number of over-65s entering insolvency has seen a 10 per cent jump since the middle of the 2009 financial crisis, reaching 5,188. The increase is attributed to falling savings and annuity rates, which pay an income for life. Total insolvencies, however, saw a 40 per cent drop to 80,188 over the same period.
It is rare for insolvencies to occur without at least some warning signs before hand. Recognising and acting on these warning signs at the earliest possible opportunity will enable you to re-evaluate, improve and where necessary restructure your personal or business’ financial affairs.
It is also important for businesses to keep a constant look out for risk factors in their supply chains which could put their own business under threat, always keeping a close watch on three key areas – systems, staff and cash reserves.
If businesses are experiencing difficulties, or concerned about business performance, the earlier they seek help from a specialist adviser, the wider the recovery options available to them.
If you have any concerns about your personal financial situation or for more information about how our specialist insolvency, recovery and advisory partners at BM Advisory can help improve your business’ operational and financial performance, contact Andy Pear or Mike Solomons.