More than two thirds of insolvency professionals believe that a ‘hard’ Brexit process would lead to more corporate business insolvencies. Insolvency trade body, R3 published a survey forecasting the effects of Britain leaving Europe, just before Theresa May’s Brexit speech confirmed that the UK will be leaving the single market.
Around 35 per cent of the survey respondents said that a ‘hard’ Brexit would lead to a significant increase in corporate insolvencies and less than 10 per cent said that it wouldn’t have an impact on insolvency numbers. Insolvency professionals however, did indicate that they’ve noticed an increase in the number of businesses referencing Brexit when seeking advice. The survey also found that professionals are worried that leaving the EU will make it harder for business to retrieve and access money from Europe.
Trade body members believe that Brexit could potentially damage the ability for businesses to combat fraud and resolve cases quickly. In her speech, the Prime Minister confirmed that Brexit meant exiting the single marketing and that maintaining membership would result in being subject to European regulations.
If you are worried about Brexit and the affects it may have on your business, please contact us on 01275 817320 to discuss your concerns and see what solutions are available to your business.