The pandemic has changed a lot for businesses in the UK and all over the world. One of the trends that the industry is looking to gain insight into is the issue of company insolvency. Company insolvency is when a business reaches the point at which it can no longer pay its debts. This could be due to a lack of income from pandemic shutdowns, increased costs from supply chain issues, and a multitude of other reasons. The question that arises is whether the new year will see an increase in company insolvency or if things like the Covid bubble will keep going.
Scott Dylan is an expert in the industry, and his blog takes a deep dive into future trends in business, including company insolvency. He leverages his expertise and intuition with research and historical trends to make accurate predictions about the future of the industry.
Scott Dylan’s history and knowledge
Scott Dylan is the founder and partner of Inc & Co. His current responsibilities are to oversee the strategic direction of Inc & Co and its numerous subsidiaries. This entrepreneurial spirit began when he founded his first small business while he was still in school. He now leverages his experience and vast industry knowledge to advise and aid start-ups and struggling businesses.
In his spare time, when he’s not exploring the world with his partner and their dogs, he runs a blog that takes a deep dive into the trends happening in the business world.
One such trend he’s actively looking into is company insolvency in the UK in 2023. This is a topic that has been catching the attention of many industry members as they face uncertainty in the new year. Covid-19 changed a lot for businesses, and one of the concerns with the potential for the Covid bubble ending is that company insolvency is going to increase.
During the pandemic, the UK had numerous mandates in place to shut down businesses to stop the spread of the virus. During this time, companies weren’t getting the income they needed to pay their bills and their debts, but there were also mandates that prevented lenders from going after these businesses.
With many of those mandates ended or ending, there is a certain atmosphere of uncertainty. Many businesses have accrued more debt than they feel they can pay back, and they’re left wondering what the new year holds for them.
How many businesses won’t be able to recover? If they face insolvency, how will lenders and creditors react? With businesses that rent their space, will landlords be forgiving of their debts, or will they begin to face evictions? This is what Scott Dylan is looking into, so he can best advise businesses on their options.