Local small business insolvencies hit a record high in February, with the number of companies entering external administration reaching their highest level since 1999.
The number of small businesses going bankrupt jumped almost 50 percent over the last 12 months, and poor cashflow management is being blamed for the alarming figures.
Business failures around the world are at an all time low, but it seems local businesses aren’t enjoying this global trend.
With insolvencies continuing to rise, SME owners and directors need to ask themselves if they’re being proactive in managing their banking relationship, both in good times and in bad.
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