More Than 500,000 UK Companies In Financial Distress as Support Ends

The number of companies in significant financial distress has risen at the fastest rate for three years as businesses face increasing difficulties given the end of many government Covid-19 business support schemes, the Financial Times reported. More than half a million companies were in “significant distress” in the three months to September, based on data from court orders to pay off debts, according to corporate restructuring firm Begbies Traynor. This was an increase of about 6 per cent compared to the previous three months.  The rise comes in spite of a backlog of court actions that have prevented legal orders being issued against companies to pay their debts and the ban on winding up petitions for Covid-related debts, according to Begbies. Read more