In total, the profession helped 10,400 businesses continue operating, either through formal insolvency or through working with a practitioner to avoid insolvency. These businesses employed approximately 540,000 after they received support.
Phillip Sykes, president of R3 said, “As the economy continues to recover from recession, business recovery and renewal will be an important part of the economic landscape.”
According to R3, insolvency peaked in 2009 in 2009 with 26,000 business insolvencies and 160,000 personal insolvencies; by 2014, business and personal insolvencies had fallen to 18,000 and 114,000 respectively.
However, Sykes said, the next five years will see important changes to the profession.
He said, ”Household debts are rising again, while the current climate of creditor forbearance, record low inflation, and record low interest rates may not last. Problem debt is a major policy issue for the new government.”