According to the latest research from insolvency body, R3, businesses in the North East are out-performing the rest of the UK in the retail, transport, manufacturing and marine sectors.
The number of companies showing a ‘high risk’ of insolvency is in fact falling in the North East region, with signs of month-on-month progress in various sectors.
R3 Chair, Allan Kelly has said, “While there's still little room for complacency about our economic position, the general picture across the North-East is one of increasing optimism and improving performance, and the enhanced stability that our latest survey suggests provides good evidence to back this up”.
“Given the particular importance of the manufacturing, construction and property industries to the North-East, it's especially good news to see the insolvency risks being faced by firms in these areas falling, and it's hopefully a trend that we'll see sustained”.
While things are improving, it is important that businesses know what to do in case the financial situation takes a turn for the worse. Seeking legal and insolvency advice is always best when faced with debt issues or legal action.