One in 10 firms say there is a risk they will go bust because of coronavirus crisis

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.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
Manolete Partners

More articles like this

Manolete Partners

75% of UK hospitality businesses at risk of insolvency

As reported by Eater London, the recent survey, conducted by UK Hospitality and on-trade data analyst CGA, found that over 75% of restaurants, pubs and bars in the UK fear not being able to pay their bills over

Manolete Partners

Fears over Northampton businesses going insolvent

Businesses in Northampton kept afloat by government funding will go insolvent as the country comes out of the coronavirus lockdown, experts fear. A 55 per cent drop in firms filing for insolvency in the town since

Manolete Partners

UK company insolvencies to rise sharply

Company insolvencies are forecast to rise sharply in the UK over the coming months as government support measures are unravelled. Begbies Traynor, the insolvency specialist, warned businesses were facing the “double whammy” of accruing liabilities and

Manolete Partners

Rise in insolvency and creditor action expected

Following the end of the temporary suspension of statutory demands and winding up petitions, in addition to the tapering off of government support in the autumn, insolvency practitioners anticipate a sharp increase in the number of

Manolete Partners

13 UK universities at risk of insolvency due to coronavirus

About a dozen universities could be at risk of insolvency because of the coronavirus pandemic, with a potential drop in the number of students and mounting pension liabilities leaving the sector facing an unprecedented financial crisis. 

Manolete Partners

Manolete Partners impressive double-digit growth in revenue

Manolete Partners plc (LON:MANO), the UK’s leading listed insolvency litigation financing company, has announced its audited results for the year ended 31 March 2020. Steven Cooklin, Chief Executive Officer, commented: “We have delivered another set of strong financial

Manolete Partners

The key reasons why intu collapsed into administration

The UK’s largest shopping centre company intu sent shockwaves around the world of retail as it collapsed into administration – sparking a host of questions and problems for Nottingham. On Friday June 26 retail giant intu

Manolete Partners

Bankruptcies roil British retail

Although the U.K. government enabled all of the nation’s non-essential retail businesses to open back up on June 15, it appears apparel retailers across the pond aren’t having an easy go of getting back on their

Manolete Partners

Manolete chiefs seek value creation in bear market

Manuel Laureano Rodríguez Sánchez, better known as Manolete, is recognised as the greatest Spanish bullfighter. It’s the name that Steve Cooklin gave to the firm he founded in 2009 to finance specialist insolvency litigations. Cooklin, a 20-year

Manolete Partners

Manolete Partners Funding success in Guernsey

A £25m lawsuit against PwC for alleged negligence in its audits of a Guernsey “Ponzi scheme” will go ahead after the Big Four accountant failed to have the claim thrown out of court. The case was

Manolete Partners

Insolvency ‘inevitable’ for some SPFL clubs

Scottish football is not facing a “doomsday scenario” but it is “probably inevitable” that some clubs will face insolvency, according to a new report. The eighth annual Football Distress Report said none of the 42 SPFL