Saturday, July 28, 2012

More doom and gloom

Scottish firms are going bust at their fastest-ever rate, official figures revealed.

 “We have seen long-established, well-known businesses collapse in the past year and yet there appears to be no end in sight for the misery facing Scotland’s business community. It is undoubtedly due to a whole raft of factors including low consumer demand and confidence, with export markets in turmoil due to the European Union financial crisis and economic figures that are unrelentingly gloomy.”
Bryan Jackson, corporate recovery partner at accountancy firm PKF said.

Joanne Gillies, a partner at law firm Pinsent Masons, said:“Patience seems to be running out for those businesses that have been given time to trade their way out of trouble – either by financiers or other parties such as HM Revenue & Customs"

The state-owned company bailed-out Northern Rock and Bradford & Bingley yesterday warned it was braced for an increase in customers struggling to cope with their mortgages. The uncertain economic outlook, rising cost of living and falling house prices would lead to more customers experiencing difficulties. Around 10 per cent of its customers were finding it difficult to meet mortgage repayments.

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