The UK economy recently returned to recession after figures showed that the economy shrank in the first quarter of this year.
Original figures saw a shrink of 0.2% for the first quarter however revised figures now show that this was in fact 0.3%.
There are further concerns that the UK economy will shrink again during the second quarter of the year, with the extra Bank holiday expecting output to be reduced.
Although the decrease is relatively small, confidence within the UK economy is still missing. This has meant that businesses are being cautious and consumers are not spending at a time when spending needs to increase and businesses need to recruit and invest.
This however is easier said than done with Banks limiting the amount of business loans being approved.
Liquidations are likely to increase due to the double-dip recession and the lack of confidence in the UK economy. The team at liquidation.co.uk have seen an increase in enquiries within the first quarter of this year and this is reflected within the figures published showing that UK insolvency increased by 10%.
If you need some advice regarding your business because it is under pressure from creditors or you can see a downturn in sales, we are able to assist.
At liquidation.co.uk, we are Licensed Insolvency Practitioners and can advise on a number of options available to the Company.