The recent surprise news that the rate of inflation remains over 10% will likely be a significant concern to many businesses and traders in Scotland. It had been hoped that the rate of inflation would start to fall, giving businesses some breathing space following the troubles of the last few years.
As we have heard many times, corporate and personal insolvencies are on the rise and with continuing soaring inflation, supply chain issues and lack of skilled staff, many businesses are on their knees.
It is important that business owners think carefully about their next steps in these difficult times. If there are issues coming up, like falling margins and overdue invoices, it is far better that they seek advice early.
Overdue invoices can be dealt with swiftly and usually successfully if advice is sought from specialist debt recovery agents. There is still cash for the market place, it is just that those in possession of it are not parting with as quickly as they once did.
Falling margins and staff shortages are not so easy to fix, and businesses experiencing those difficulties are advised to seek advice sooner rather than later. Time very much is of the essence for businesses suffering those difficulties. We are all aware that these are very difficult times. The last time the Scottish market faced such difficulties was back in the financial crisis of 2008/9. It is important to note though that the market place is in a much better place than it was back then.
There is significantly more capital available on the market at this time, and there are more options available to businesses facing these difficulties than there were then, including many more sources of finance available to them. Seeking advice quickly upon these matters though is imperative.
Gilson Gray is well placed to assist any businesses suffering these difficulties. Our Debt Recovery Department is run by David Alexander and was recently voted the Debt Recovery Team of the Year at the 2022 Law Awards of Scotland. Our Restructuring and Insolvency Team is led by Craig Darling and he is best placed to assist any businesses wishing to seek funding or to discuss restructuring their businesses.