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25/11/2009
Insolvencies 'accounting for a third of job losses' |
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Nearly a third of the jobs lost in England and Wales in the past year were caused by company insolvency, it has been revealed.
Research by CreditPal, an online small business services provider, has found that 4,655 service firms and 1,876 manufacturers were liquidated, with the latter having 21 employees on average compared with nine for the former.
As a result, 164,000 people lost their jobs, making up 29 per cent of the total increase - 569,000 – during the period.
Those whose small businesses are struggling may wish to contact an insolvency lawyer to see if they can find alternatives to liquidation and having their whole workforce become unemployed.
Many small firms have been put under extreme pressure by the UK recession, which has now lasted six quarters after official estimates for the three months to September showed that the economy shrank by 0.4 per cent in that time.
A revision of this estimate will be produced later today.
Written by Pauline Adams
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