Lucas Johnson Reveals Results of Nationwide IP Survey
One of Britain’s leading insolvency practitioner firms has just released the results of an insider survey which reveals fascinating insight into the current state of the industry. Published by Lucas Johnson , the survey drew on data gathered from 13 different insolvency practitioner firms operating across the country.
Kevin Lucas, Insolvency Practitioner at Lucas Johnson said, “We deal with debt and liquidations on a daily basis and thought it would be interesting to conduct a survey which analysed the opinions of insolvency practitioner firms across the nation. While some results were expected, others were remarkably surprising and offer a fascinating glimpse at how the British economy is dealing with the aftermath of the global recession.”
As professionals who are qualified and legally authorised to liquidate a business, insolvency practitioners have a thorough and complex understanding of the state of the current economy. One of the most intriguing findings was the fact that almost every respondent agreed that the construction industry had suffered most over the past five years. While many media outlets have been reporting surges in the demand for new build homes and infrastructure projects, the five year collapse indicates that it may take some time for the benefits to filter through into the pockets of construction businesses. Closely following the construction slump was the retail sector which has suffered a series of blows in the wake of the global financial crisis.
When asked about their recession experiences over half of the surveyed firms maintained that they had not noticed a reduction in business liquidations, despite the end of the recession. This was a surprising result which indicates that while the British economy is in recovery, businesses are still struggling to keep their heads above the water and turn a healthy profit.
Another interesting finding was the presence of a widely held concern for fraud. When questioned about what changes they would like to see made to insolvency law and the industry, one third of respondents identified fraudsters and action against repeat offenders as key areas in need of reform. This widely held view confirms that fraud is a serious problem which plays a major role in sending businesses into liquidation.
When asked to name the biggest misconception people have about insolvency firms the majority of respondents listed unaffordability as a primary response. Furthermore, 50% of respondents maintained that seeking professional advice would be the major guidance they would give to a company struggling with debt. Lucas Johnson is a prime example of an insolvency practitioner firm that provides its clients with expert help at an affordable price. In fact, businesses can take advantage of the firm’s free impartial debt advice hotline which operates seven days a week. This gives businesses free and instant access to expert advice when they need it the most. Specialist help is also available across a range of different areas including insolvency advice, prepack administration, CVA, voluntary liquidation, tax debt solutions, solicitor advice and more.
To find out more about Lucas Johnson and its range of specialist business recovery, insolvency and debt advice services, visit: www.lucasjohnson.co.uk
Note to Editors: Issued by Dakota Digital. Contact Rebecca Appleton. Email: Rebecca@dakotadigital.co.uk or Tel 01623 428996 opt 4.
About Lucas Johnson: Founded by Kevin Lucas and Nigel Johnson, Lucas Johnson is a leading insolvency practitioner firm which provides British businesses with expert liquidation, administration, CVA, IVA and bankruptcy advice. The pair boast a combined 40 years of industry experience working with a diverse range of sectors, from leisure and entertainment to retail and sports. The firm offers every client a personalised service and is committed to finding viable solutions to problems of all shapes, sizes and scopes.