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05/10/2009
Insolvency 'set to blight Christmas' |
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An insolvency firm has predicted a bleak Christmas season for retailers, something that could lead to insolvency problems for many.
Spokesman for Begbies Nick Hood stated that this year could see a repeat of the situation seen 12 months ago, with as many as 15 firms failing.
The most high-profile casualty last year was Woolworths and Mr Hood said people should be braced for more of the same.
"With a flood of retail insolvencies within the next 12 months anticipated, blood on the high street to match last year's commercial carnage is inevitable," he remarked.
Those facing the prospect of their firm going out of business may wish to speak to an insolvency lawyer to find out the best way to proceed.
Figures produced last month by the debt advice charity Credit Action found that a firm becomes insolvent in Britain every 3.97 minutes.
Written by Pauline Adams
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