{"id":209801,"date":"2023-07-12T14:11:22","date_gmt":"2023-07-12T14:11:22","guid":{"rendered":"https:\/\/dominiclevent.com\/blog\/?p=209801"},"modified":"2023-07-12T14:12:13","modified_gmt":"2023-07-12T14:12:13","slug":"insolvency-specialist-sees-rise-of-firms-going-bust-to-last-into-2024","status":"publish","type":"post","link":"https:\/\/dominiclevent.com\/blog\/insolvency-specialist-sees-rise-of-firms-going-bust-to-last-into-2024\/","title":{"rendered":"Insolvency specialist sees rise of firms going bust to last into 2024"},"content":{"rendered":"<p> <br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/static.standard.co.uk\/2023\/02\/27\/11\/17aafbb8bab8cca4a633f369efc165ceY29udGVudHNlYXJjaGFwaSwxNjc3NTgwNjU0-2.70992132.jpg?width=1200&amp;auto=webp\" \/><\/p>\n<div id=\"main\">\n<div class=\"sc-ldgPui iFAktg\"><span class=\"sc-cvKJmz kjbtaV\"><\/span><\/p>\n<p><a href=\"https:\/\/www.standard.co.uk\/topic\/insolvency\">Insolvency<\/a> specialists Begbies Traynor said the amount of <a href=\"https:\/\/www.standard.co.uk\/topic\/companies\">companies<\/a> going <a href=\"https:\/\/www.standard.co.uk\/topic\/bust\">bust<\/a> could keep rising all the way into 2024, but the growth will be steady rather than a sudden <a href=\"https:\/\/www.standard.co.uk\/topic\/jump\">jump<\/a>.<\/p>\n<\/div>\n<p>Profit grew to \u00a36 million last year at the restructuring business last year, as more large firms used its services. Among the insolvencies handled by Begbies were <a href=\"https:\/\/www.standard.co.uk\/topic\/paperchase\">Paperchase<\/a>, Worcester Rugby Club and the operator of the Park Lane Casino.<\/p>\n<aside\/>\n<p>According to the Insolvency Service, the number of companies declared insolvent in the year to 31 March was 22,983, up from 16,575.<\/p>\n<p>But further profit growth could be on the way in the year ahead as the company looks like one of the most obvious beneficiaries of a possible downturn.<\/p>\n<p>Ric Traynor, executive chairman of Begbies Traynor Group, told the Standard that his business had already seen a notable rise\u00a0 in companies being declared insolvent: \u201cNumbers are rising. Insolvencies are now above pre-pandemic levels and we expect that to rise.<\/p>\n<aside data-auto-link=\"true\" data-is-watch-more=\"false\" class=\"sc-bRoQTz fqHBzH item-count-4 related\">\n<h3 class=\"sc-fJvABG cgVMGV\">Read More<\/h3>\n<\/aside>\n<p>\u201cFor the current year they\u2019ll be even higher.\u201d<\/p>\n<p>But he added that it had been more of a steady rise than a drastic jump.<\/p>\n<p>\u201cWe\u2019ve seen a continued trend. There haven\u2019t been sudden blips. We don\u2019t expect a sudden surge, but it will steadily keep increasing.\u201d<\/p>\n<aside\/>\n<p>He said higher interest rates and inflation had hit many small businesses hard. With the Bank of England widely expected to keep raising rates into next year, Traynor said insolvencies might be more likely to reach their peak in 2024 rather than this year.<\/p>\n<p>Traynor added that other parts of the Begbies Traynor business, such as property advisory, have performed well too. He said these parts of the business, like the insolvencies arm, usually performed well in downturns.<\/p>\n<p>AJ Bell investment director Russ Mould said the firm \u201chas seen increased work for insolvencies, which reflects how businesses can crumble under the pressure of higher rates.<\/p>\n<p>\u201cMany companies have reached a tipping point where they cannot generate enough cash to service borrowings and so they have no choice but to fold.\u201d<\/p>\n<p>Shares were down 2.5p, or 1.9%, to 132p.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.standard.co.uk\/business\/insolvency-specialist-begbies-traynor-bust-administration-liquidation-interest-rates-b1093622.html\">Source link <\/a><br \/>\n<a href=\"https:\/\/dominiclevent.com\/contact-us\/\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/dominiclevent.com\/blog\/wp-content\/uploads\/2017\/01\/footer-300x100.png\" alt=\"\" width=\"600\" height=\"200\" class=\"aligncenter size-medium wp-image-14\" srcset=\"https:\/\/dominiclevent.com\/blog\/wp-content\/uploads\/2017\/01\/footer-300x100.png 300w, https:\/\/dominiclevent.com\/blog\/wp-content\/uploads\/2017\/01\/footer-150x50.png 150w, https:\/\/dominiclevent.com\/blog\/wp-content\/uploads\/2017\/01\/footer.png 600w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><br \/>\n<center><iframe loading=\"lazy\" src=\"https:\/\/www.google.com\/maps\/d\/u\/1\/embed?mid=1w4tN9mf5kVdBXUXTq2KvwE23NmpUzEna\" width=\"640\" height=\"480\"><\/iframe><br \/>\n<\/center><br \/>\n<center><iframe loading=\"lazy\" src=\"https:\/\/calendar.google.com\/calendar\/embed?src=sc635csnrm8h9s9lq0cad6vkss@group.calendar.google.com\" style=\"border:0px #ffffff none;\" name=\"myiFrame\" scrolling=\"no\" frameborder=\"1\" marginheight=\"0px\" marginwidth=\"0px\" height=\"3px\" width=\"600px\" allowfullscreen><\/iframe><\/center><br \/>\n<center><\/p>\n<div itemscope itemtype=\"http:\/\/schema.org\/LocalBusiness\">\n<div itemprop=\"image\" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\">\n<img decoding=\"async\" src=\"http:\/\/www.dominiclevent.com\/wp-content\/uploads\/2018\/06\/Business_Solicitors_London.jpg\" width=\"600\" itemprop=\"url\"><\/div>\n<p><\/br><\/p>\n<div itemprop=\"name\">Dominic Levent Solicitors<\/div>\n<div>Email: <span itemprop=\"email\">Enquiries@dominiclevent.com<\/span><\/div>\n<div>Phone: <span itemprop=\"telephone\">020 8347 6640<\/span><\/div>\n<div>Url: <span itemprop=\"url\">https:\/\/www.dominiclevent.com<\/span><\/div>\n<div itemprop=\"paymentAccepted\"  style='display: none' >cash, check, credit card, invoice<\/div>\n<p>\t<meta itemprop=\"openingHours\"  style='display: none'  datetime=\"Mo,Tu,We,Th,Fr 09:30-17:30\" \/><\/p>\n<div itemtype=\"http:\/\/schema.org\/GeoCoordinates\" itemscope=\"\" itemprop=\"geo\">\n\t\t<meta itemprop=\"latitude\" content=\"51.632223\" \/><br \/>\n\t\t<meta itemprop=\"longitude\" content=\"0.1781417\" \/>\n\t<\/div>\n<div itemtype=\"http:\/\/schema.org\/PostalAddress\" itemscope=\"\" itemprop=\"address\">\n<div itemprop=\"streetAddress\">1345 High Rd<\/div>\n<div><span itemprop=\"addressLocality\">London<\/span>, <span itemprop=\"addressRegion\">London<\/span> <span itemprop=\"postalCode\">N20 9HR<\/span><\/div>\n<\/p><\/div>\n<\/div>\n<p><\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insolvency specialists Begbies Traynor said the amount of companies going bust could keep rising all the way into 2024, but the growth will be steady rather than a sudden jump. Profit grew to \u00a36 million last year at the restructuring business last year, as more large firms used its services. Among the insolvencies handled by &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/dominiclevent.com\/blog\/insolvency-specialist-sees-rise-of-firms-going-bust-to-last-into-2024\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Insolvency specialist sees rise of firms going bust to last into 2024&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-209801","post","type-post","status-publish","format-standard","hentry","category-news1","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insolvency specialist sees rise of firms going bust to last into 2024 - Dominic Levent Solicitors Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dominiclevent.com\/blog\/insolvency-specialist-sees-rise-of-firms-going-bust-to-last-into-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insolvency specialist sees rise of firms going bust to last into 2024 - Dominic Levent Solicitors Blog\" \/>\n<meta property=\"og:description\" content=\"Insolvency specialists Begbies Traynor said the amount of companies going bust could keep rising all the way into 2024, but the growth will be steady rather than a sudden jump. 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