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02/12/2009
Warning for businesses may raise insolvency issues |
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Banks are still substantially disconnected from businesses despite the efforts of the government, it has been claimed.
The Institute of Directors said that banks are tending to be "distant" with firms and head of parliamentary and regulatory affairs at the body Alexander Ehmann stated that there is anecdotal evidence of enterprises being refused credit for no clear reason.
"I think their [banks'] communication will have to improve in order to see a return to absolute normality in terms of lending conditions," he added.
Such a situation could mean many firms not getting the finance they need, which may lead to some facing bankruptcy.
Those who are in such a situation may wish to speak to an insolvency lawyer.
Yesterday, Natwest and Royal Bank of Scotland responded to the situation by announcing the launch of a new charter to support small businesses.
Features of this include a capping of fees at 1.5 per cent from January and an extension of free banking services.
Written by Pauline Adams
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