The debt threshold for a winding up petition will be temporarily increased in wake of the coronavirus pandemic, it has been announced. It comes as temporary measures preventing businesses from entering insolvency are phased out next month.
According to the latest industry research, almost one in five small businesses fell into their overdrafts in the last year in a bid to manage their cash flow.
According to the latest official figures, the number of companies that were wound up last year following intervention from HM Revenue & Customs (HMRC) reached the highest level for four years.
According to research from accounting software platform Xero, a quarter of small business owners believe their company will go bust within the next five years.
According to official figures, the number of people facing insolvency is set to reach the highest level for almost a decade, following an annual increase of more than 22 per cent in December.