BBA assistance for firms facing bankruptcy
BBA assistance for firms facing bankruptcy
Friday 24th October 2008
People whose firms go under could face high levels of debt after BBA figures have shown that business loan borrowing reached £44 billion in the 12 months to June 2008.
Some 82 per cent of Britons expect the economic environment to worsen over the next 12 months, according to the Association of British Insurers.
Many individuals with high levels of debt could struggle financially and might need to consider an individual voluntary arrangement if they are made redundant.
Angela Knight, chief executive of the BBA, said the banking group's members were committed to helping smaller businesses through the economic slowdown.
"The businesses that will succeed through this downturn are those currently reviewing their business plans and engaging with their banks to prepare for a slump," she said.
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