Consumer price inflation hit 4.2% in October, its highest level for a decade, and will go higher as we head in 2022. For pandemic-pressed businesses, the inflation reality is far worse. Their input costs are soaring by unprecedented double-digit figures, while labour rates are rapidly being pushed higher by shortages right across the UK economy. The question for businesses is
The residential care system looks after over 400,000 of the UK’s most vulnerable people. There are some 5,500 care providers, operating over 11,000 care homes. 41% of residents pay their own fees (self-funders), 49% are paid for in part or totally by local authorities and the remaining 10% are funded by the NHS. The residential care system, as well as
Businesses struggling to pay their bills were given unprecedented breathing space during the pandemic, as the government closed off every avenue of attack for frustrated creditors. Now the gloves are gradually starting to come off. Landlords are still bound hand and foot and will be until at least the end of March 2022, but other creditors can now use the
There may be many reasons why a business owner or director continues to trade a distressed business rather than seeking professional assistance. In the present circumstances, where government support has propped up businesses, it may even be the case that your company has become insolvent without you realising it. As our recent article on the state of Scottish businesses outlines,
How business has changed Owners and managers were well used to reacting to occasional shifts in their markets before Coronavirus re-set the entire business world. It was an essential part of their job, not just as they considered their results each year or set their annual budgets, but as and when significant events occurred in between. Nothing can have prepared
As the full effects of the Coronavirus pandemic began to be felt in March 2020, many anticipated a significant rise in formal insolvency appointments as companies grappled with the difficulties of unprecedently severe business disruption, as revenues plunged and whole swathes of businesses were forced to close for extended periods. The insolvency and restructuring industry braced itself for an increase in
