According to the latest data produced by UHY Hacker Young, Pub Insolvencies have risen by 66% in the last year. The impact of such a staggering statistic is that these debts which are owed to our clients become even more unobtainable to collect.
The pot of available funds drops dramatically once the pub business is placed in the official insolvency process.
The case will be passed to an Official Receiver and on the most part an Insolvency Practitioner is then appointed.
If the business has assets, it is the job of the Practitioner to turn the assets into cash. The funds will then get divided between the debtor’s creditors. By the time this process gets rectified the amount of funds may be only pennies.
At SE-Solicitors, we have a team of Debt Recovery specialists and insolvency practitioners who can help navigate you through what looks to be an ever expanding area of debt collection. To find out whether we can help you, contact us here
New figures reveal that the number of pub and bar insolvencies has risen 66% in the last year according to latest data by UHY Hacker Young. The data show the number of pub and bar insolvencies increased from 438 to 725.https://www.credit-connect.co.uk/news/pub-insolvencies-increase-66/