Retail insolvency news
We reported the UK government's decision to exempt companies in administration from empty property rates in an earlier post.
President of R3 Patricia Godfrey says the decision couldn’t have been better timed for retailers: ‘With the effects of the credit crunch increasingly likely to be felt in the New Year, this move will help administrators save business and jobs.’
Mercer & Hole business recovery partner Chris Laughton agrees, highlighting the credit crunch as likely to lead to more retail insolvencies. Removing the preferential treatment on business rates for unoccupied properties would save businesses.
‘The decision will help what will be a higher number of retail insolvencies than last year,’ Laughton says.
Date: 14th January, 2008
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