0800 644 6080
Call FREE from Landline and Mobile
Est. 1989

Concerns of Financial Distress Rising Sharply in Northern Ireland

Written by: Keith Tully

Published: 28th June 2019

Man in financial lossBusinesses operating in Northern Ireland are becoming increasingly concerned about financial distress and at a rapid rate.

According to a new set of figures, 44 per cent of businesses in the country think financial distress is becoming more of a problem for enterprises in the local economy, which is a figure up dramatically from 28 per cent in 2018 and from just 16 per cent in 2017.

Only 9 per cent of the business men and women polled on these issues recently said that they consider their prospects for the coming year to be ‘good’, while 51 per cent said they see their short-term prospects as being either ‘poor’ or ‘very poor’.

Key concerns cited by businesses in Northern Ireland included the uncertainty around Brexit, cuts to government spending and increased operating costs.

Last year, the same study by the Chartered Accountants Ulster Society found 46 per cent of people felt that the local economy was growing ‘strongly or moderately’ but only 11 per cent took the same view 12 months later.

A large majority (84 per cent) of respondents to the survey this year said that Brexit has negatively impacted Northern Ireland’s economy and 59 per cent said it had been bad news as far as their own investment plans were concerned.

Only 10 per cent of people said that they’d support the UK leaving the EU without a deal on the terms of exit.

Meanwhile, 48 per cent said they’d like to see Britain revoke Article 50 and stay in the EU, and 29 per cent said that they would support another referendum on the question of the UK’s EU membership.

Researchers also found widespread unhappiness among business bosses with the lack of a Northern Irish Executive at the Stormont Assembly, which a large majority feel will have a negative effect on the local economy in the coming year.

Richard Gillan, chairman of the Chartered Accountants Ulster Society, which represents almost 5,000 accountants across Northern Ireland, said: “It is vital that the Northern Ireland Executive is restored as soon as possible.”

“It is now two and a half years since its collapse and the impasse is leading to stagnation, it is affecting business investment and it is affecting the provision of public services,” he said.

Keith Tully

Keith Tully

Join Keith Tully on Linked In Follow Keith Tully on Twitter

Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.

Meet our Team of Experts
Director Support - Business suffering from Cash-Flow Problems?
If your company is financially distressed, we also offer the below services:
Business debt recovery

  • Recover Unpaid Invoices of £5k+
  • Expert Credit Control Services
  • Stop Late Payers & Bad Debts
Visit Site
Time to pay experts

  • Get Breathing Space with HMRC
  • Support with Business Tax Arrears
  • 35 Years HMRC Negotiation
Visit Site
UK Business Finance

  • Rejected for a CBILS Loan?
  • Get Emergency Business Funding
  • Supporting 1000+ UK Companies
Visit Site
Who we help
  • Company Directors
  • Finance Directors
  • Sole Traders
  • Accountants
  • Small Businesses
  • Large Businesses
  • Partnerships
Contact our team
Jonathan Munnery
Gillian Sayburn
Julie Palmer
or Find your Nearest Office

Here at Real Business Rescue we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY

Business Rescue Advice for Directors
Free Guide for Limited Company Directors
Business Rescue Advice for Directors
  • How to manage company cash flow problems
  • Advice on dealing with HMRC
  • Understanding rescue and closure options
  • And much more...
Free Guide Download
Dealing with your Insolvent Clients
Business Rescue Guide for Accountants
Dealing with your Insolvent Clients
  • Helping you advise insolvent clients
  • Spotting signs of client distress
  • Exploring business rescue options
  • And much more...
Free Guide Download
Our numbers speak for themselves
Number of UK Offices
Directors Helped
Licensed Insolvency Practitioners