Insight & Analysis

Press Release: Rise in the cost of personal liability insurance putting many potentially viable businesses at risk of insolvency

Published: Jan 2021

11th January 2021 – Commenting, Colin Haig, UK Head of Restructuring and Insolvency at Azets, the UK’s largest regional accountancy and business advisor to SMEs, said: “The recent dramatic rise in the cost of personal liability insurance is discouraging management teams from restructuring businesses, putting many potentially viable businesses at risk of insolvency.”

“Whilst the cost increase reflects growing concern of the current risk associated with restructuring, the unintended consequence is that management teams are unwilling or unable to pay the additional premium or take the risk to restructure their business, leaving no option but to place it into an insolvency process; with all the associated after effects for employees and the supply chain.”

“Coming out of this pandemic, the UK economy needs as many prospering businesses as possible, and this new trend may have a negative impact on that.”

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