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Will Brexit increase insolvencies?

As a Liquidator of businesses and a Licensed Insolvency Practitioner I have had a number of people say to me today that “I bet you are going to be busy now”.

Unfortunately I think that is correct although there is no logical reason why businesses cannot carry on as normal in the short term as exit from the EU will take a good two years to sort out.

I believe the real risk will be the short term confidence in the UK economy and the general uncertainty of how Brexit will affect doing business. Certainly there has been huge volatility in bank and property shares since the outcome of the vote.

Anyone exporting or importing goods or services is going to see large swings in the value of currencies and this adds to the already uncertain future of how business will be done after we have left the EU.

It inevitable is going to mean a slowing down of transactions such as house buying or the purchase and sale of businesses as people wait to know what the outcome will actually mean for them.

From a personal point of view I am very disappointed and surprised at the outcome of the vote and feel leaving the EU is a huge backwards step. I just hope that it can be an amicable separation and that the remaining members of the EU don’t make it unnecessarily harder for us in the future.


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David Kirk

Licensed Insolvency Practitioner