Businesses saved

Government support sees failures fall below last year

Blair Nimmo

Blair Nimmo: ‘there remain a large number of unknowns’

Government support packages have stemmed predictions of a sharp rise in corporate insolvencies resulting from the pandemic.

Instead Scotland saw only 35 administrations in November, 23 fewer than the same month last year, according to data from KPMG.

Furthermore, current trends indicate that the total number of insolvencies for 2020 will be significantly lower than the 491 cases in the previous year.

Experts say support measures – including the further extension of furlough until April 2021 – have provided “breathing space” for many businesses that otherwise would have struggled to survive the pandemic. 

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