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22/04/2009
Recession threat to businesses 'greater than thought' |
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The threat the recession poses of making businesses insolvent is greater than previously expected, it has been stated.
Director of small business banking at Lloyds TSB Stephen Pegge commented that until recently firms had expected 2009 to bring recovery, a prospect that has receded.
He added: "Firms have managed to keep themselves going in the hope that things would improve this year but now they realise they need more help to get them through this."
Those firms who may not get enough help could go to the wall, leading to some people suffering insolvency.
People facing this prospect may wish to take legal advice on the best way to approach the situation.
A recent survey of small businesses by Lloyds TSB Commercial found that the greatest concerns include the retention of customers (mentioned by 52 per cent) and keeping clients (listed by 44 per cent).
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