Businesses seek expert advice as financial crisis looms

Swathes of East Anglian businesses are seeking advice on insolvency as they look to find a way through the financial crisis in 2023.

Ellisons Solicitors, which has offices throughout Essex and Suffolk, are seeing enquiries come in from businesses throughout the East Anglian region and across a diverse range of industry sectors.

The firm has now announced it is offering an initial free consultation to any businesses who are concerned about their future.

It comes as fears were raised last week that thousands of businesses across the UK face collapse as they try to deal with rising costs and demands whilst trying to balance those in a competitive market.

Scott Porter, Partner and Head of Corporate Insolvency at Ellisons Solicitors, said: “It is inevitable there will be an increase in insolvencies this year when you take into account energy price increases, supply chain issues (delays and increased costs), repayments on bounceback and CBILS loans, loss of confidence from investors and consumers, all while spending cuts and tax bills due from pandemic profits (when they may have been artificially inflated by furlough, grants and other support) are set to bite.

“Hospitality seems to be getting hit quite hard but we are seeing enquiries from various sectors across Suffolk and Essex which are struggling to cope.”

While help was at hand for businesses throughout the pandemic, thanks to low interest rates and government backed Covid support, the war in Ukraine has seen energy prices skyrocket, interest rates rise dramatically and most government financial help coming to an end all at the same time, making this year a crucial time for businesses to review their position and consider taking advice from professionals if they have any concerns.

Mr Porter said businesses were being hit doubly hard with many struggling to hold on.

At Ellisons Solicitors, we pride ourselves on being a steadying hand for businesses throughout Essex and Suffolk. It’s why many of our clients have been with us for decades.

If you do have concerns about your business or want to understand your obligations as a director and your risk of personal liability if your business strays into financial difficulty, get in touch and we will be there to help.

To contact Ellisons Solicitors, call the Corporate Insolvency team on 01206 719255 today.