Accountants PwC have reported that corporate insolvencies have rocketed by 9 per cent compared with the same quarter last year.
Particularly hard hit were the construction (up 11 per cent), hospitality and leisure (up 18 per cent) and retail (up 12 per cent) sectors.
The fourth quarter is typically good for many hospitality and retail sector businesses, but the post-Christmas season is normally the toughest period in all of these industries.
If your business is struggling, it is wise to take advice as early as possible.