Business booms for insolvency firm

Moorhead Savage is headed by licensed insolvency practitioner Paul Moorhead who leads a team offering high quality, professional, impartial and ethical help and debt advice to both companies and individuals.

Now, though, the company is in the process of appointing a new insolvency administrator and caseworker to help with an increasing workload.

“Our aim is to make sure that things run smoothly for all our clients at what is probably the most stressful time of their lives,” said Paul.

“This new member of the team will have a key role in ensuring the smooth running of the practice, ensuring that our clients are fully briefed on what is happening and helping them with any day to day issues that might arise, supporting other members of the team to ensure a satisfactory resolution to each case.”

Moorhead Savage’s expansion comes as statistics recently published by the government’s Insolvency Service reveal that there has been a sharp increase in the number of firms being wound up by creditors.

The number of compulsory liquidations, where a creditor asks the courts to close down a business due to non-payment of debts, increased in the past three months by nearly 20 per cent compared to the previous quarter.

And a survey by credit reference agency Experian shows that Yorkshire has the highest rate of business failures in the country.

“The statistics clearly demonstrate that many companies are facing some tough choices,” said Paul.

“The same can also be said of the many householders who have been hit by falling interest rates, rising prices, redundancy and all the other problems of trying to survive a period of recession.

“But the good news is that there are ways of dealing with mounting debts that will allow people to continue and the sooner that advice is sought, the more palatable the options that are available.”