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One in ten SMEs worried about insolvency

Published on 10 Apr 2010 under category: legal

One in ten small and medium sized businesses (SMEs) is worried about their future, according to a new survey.

uSwitchbusiness.com has found that almost three quarters of firms (71 per cent) surveyed felt improved economic conditions this year had made little difference to their business.

Almost half (44 per cent) were still reeling from the economic impact of the recession and predict that it will take another business year for their firm to fully recover.

Earlier this year, the firm Begbies Trainor said that they expected short-term relief measures such as the government's Time to Pay scheme for businesses to create a "lag effect" when they close.

Businesses that have held off the worst effects of the recession could find it too difficult to continue trading without such initiatives in place.

Many of the firms surveyed are still dogged by fears of a double-dip recession.

Around 62 per cent said that it was likely to happen, while just under a quarter of that group thought the signs of a double-dip were already evident.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.