PracticeConsultingMost farmers to be spared bankruptcy

Most farmers to be spared bankruptcy

Bankruptcies in the farming community are unlikely to increase significantly because of the foot and mouth crisis, according to farming finance specialists.

Citing government aid and moves by banks to defer payments for farmers in crisis, Ian Schofield, business recovery expert at PKF, said he did not believe the number of bankruptcies would grow, but added that there will be a lot of financial hardship.

‘Banks are understanding. It is not in their interest that farmers go bankrupt,’ he said.

Alan Cooper, partner at Howarth Clark Whitehill, agreed. ‘There will not be a significant increase in bankruptcies, but there will probably be one or two more farms that go to the wall as a result of the crisis.’

Steve Ellam, a partner at Ellam Oxtoby & Peck farming consultants agreed, but added ‘tenant farmers are more likely to suffer from the crisis than owner occupiers’.

More than 80,000 animals across the UK have now been destroyed, or ordered to be so, as a result of the crisis.

Links

National Farmers Union Online

PKF online

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