I am a Licensed Insolvency Practitioner which means I act as the Liquidator to companies or as a Trustee in Bankruptcy to individuals who become bankrupt.
Probably the most common question I am asked is ‘are we coming out of recession’?
Well the answer is clearly yes. The statistics just released by the Insolvency Service at the end of January for the calendar year of 2015 shows a fall in company liquidations to the lowest level since 1989 and a fall in personal insolvency to the lowest level since 2005.
I also personally know a number of Insolvency Practitioners who feel that it has become so quiet that they are going back into the accountancy profession or giving up to do something else.
I have to say we have been lucky (which is not lucky for our clients, if you see what I mean). As we are a smaller independent firm we still get a steady flow of new instructions from accountants who want their clients to be looked after as well as businesses needing advice who are contacting us directly.
I believe those new clients can see they will probably have an easier time dealing with us rather than a large organisation. They can also meet the people they are going to deal with.
As for the future, I don’t think we will go back into recession for a good while yet. Although the turmoil in the stock market can cause problems for some, as well as the slow down in China, we are still at historically low base rates and what I believe is a strong economy.