Debt Talk: Small businesses and insolvency

During the cost of living crisis, the need for insolvency advice has been far greater than in the previous years as shown by Government’s data due to a rise in high inflation and change in consumer behaviour. In 2022 there has been a 56% increase in the number of companies going insolvent compared to 2021. In this episode of the Debt Talk podcast, Ripon Ray explored the financial challenges faced by small businesses and the inevitable advice needed from insolvency practitioners to save them.

Robert Tame ran a catering business. During the financial crisis, his business began to have a cash flow problem. But not every part of his business was struggling; so he had to prioritise his profit-making part of the business and make the inevitable decision to make his staff redundant. He was able to pull through due to meticulous fi ...