A British Bankruptcy Every Minute but Businesses are on the Road to Recovery

Jun 30, 2010, 13:56 ET from Real Business Recovery

MANCHESTER, England, June 30 /PRNewswire/ -- The new government have heralded economic change and declared the dreaded recession has finally passed. But for many individuals throughout the UK, debts continue to spiral out of control and the road to recovery seems as distant as ever.

Striking statistics show that the UK population owes more than what the whole country produces in a year and someone somewhere is going bankrupt every 51 seconds. Recession over?

Financial advice has never been in such high demand - average debt in the UK now lies at 8,761 pounds Sterling (excluding mortgages), a figure that increases to 18,252 pounds if the average takes into account some form of unsecured loan.

On a brighter note, the latest Credit Action figures show that UK businesses may just be on the road to recovery. There were 4,082 compulsory liquidations and creditors' voluntary liquidations in total in England and Wales in the first quarter of 2010 - a decrease of 17.8% on the same period a year ago. In the twelve months ending Q1 2010, approximately 1 in 120 active companies (or 0.8%) went into liquidation. Additionally, there were 1,343 other corporate insolvencies in Q1 2010 comprising of 356 receiverships, 783 administrations and 204 company voluntary arrangements. In total these represented another decrease of 24.7% on the same period a year ago.

However, for many UK businesses, these statistics aren't providing a crumb of comfort as firms continue to file for business bankruptcy and as such, business recovery advisors Real Business Recovery are still experiencing dozens of phone calls a day.

RealBusinessRecovery.co.uk provides impartial business bankruptcy advice on numerous issues, such as insolvency solutions that will protect you from your bailiffs and afford you time to sort out your business debt without the worry of bailiffs at the door.

With over 20 years of experience in the UK business recovery industry, they are expertly positioned to assist directors of companies of all sizes and offer a totally free face-to-face consultation within 24 hours of your call.

You can book your free consultation online at http://www.realbusinessrecovery.co.uk.


Real Business Recovery has a dedicated team of corporate insolvency experts that have many years of experience. We can provide active support and a detailed plan of action to help guide you through the difficult and potentially perilous world of corporate insolvency law.

Our team have personal experience of running businesses and can therefore relate to your worries and concerns, and will spend the time to get to know you and your wishes for the future. Only then can we help to build a structured plan of action and offer you the best possible business insolvency advice.

We will guide you through each step of the business insolvency procedures in a clear and transparent manner and always strive to make you aware of all the options available to you and your business with our advice. We also have an extensive knowledge of personal insolvency and will advise you on any personal debt problems you may also be experiencing.

Contact: +44(0)1625 540 744 ; advice@realbusinessrecovery.co.uk

SOURCE Real Business Recovery