One in 10 UK firms have said they are at risk of becoming insolvent because of the coronavirus crisis with 40 per cent admitting they have less than six months worth of cash reserves in the bank.
The Office for National Statistics today published the latest results of its Business Impact of Coronavirus Survey and it suggests large swathes of the British economy are still struggling to get back on their feet.
The numbers revealed some 10 per cent of firms have estimated they are at ‘moderate’ risk of being unable to pay their bills in the near future.
Manolete Partners (LON:MANO) work alongside IPs from all of the “Big Four” through to one and two partner specialist insolvency and restructuring practices in the regions. Manolete finances the work of the Insolvency Practitioner and their lawyers to make optimal recoveries for the creditor estates and takes on all the risk.