Medium-sized companies are going under, as the credit crunch begins to
squeeze the engine room of the business community, according to new figures.
Credit insurer Atradius said it had noticed a sharp increase in the number of
businesses holding out on paying suppliers, pushing credit terms out from a
month to as much as 150 days.
‘We’re now seeing a number of medium-sized companies going under,’ Atradius
senior risk underwriter Mark Henstridge told the Daily Telegraph.
‘Pushing out the trade terms is a way of getting free credit. Some companies
are doing this to limit their debt, but others have to because they can’t
borrow, and that is more dangerous,’ he added.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies