The Insolvency Service figures for the last quarter ending at the start of October show that the number of insolvencies remained flat despite the Brexit vote. Many had reflected prior to the referendum that Uk Companies would see an immediate downturn in trade and that this would be shown by a rise in the number of company insolvencies. This has not been the case. In the short term those companies with no foreign trade have seen little or no contraction in business while those with foreign trade have been able to benefit from the competitiveness of the pound against most foreign currencies.
The Managing Director of Breeze & Wyles Solicitors Limited, Brendan O’Brien said: “Commentators were quick to state the immediate downsides of Brexit. The short term predictions were wrong. What does the medium and long term hold for British business? Business should not lose confidence. The road ahead will be bumpy but directors need to ensure that whatever the outcome they are protected from risk. Breeze & Wyles will be providing updates on how to achieve a risk free management environment over the coming weeks and months. So watch this space.”
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