Insolvencies To Rise By Over a Quarter This Year in UK - Atradius


September 19, 2020

According to Atradius insolvencies to rise by over a quarter this year in UK.  The UK has suffered quite considerably due to the coronavirus pandemic. It has been found that as far as the contraction of GDP goes in Northern Europe, the United Kingdom might be the hardest hit. While on a global scale insolvency have reached the ballpark figure of 26% the UK many have found is going to top that by a per cent to 27%. This despite all the business help, job retention scheme, grants and loans that the UK government has brought in to help tackle the pandemic situation.

All is not lost however, Turkey for instance has reached 41% in the rate of insolvencies and this is followed by the United States at 39% along with Hong Kong. But these are hardly comforting figures when presented with the grim realities of the pandemic situation.

The pandemic in its spread across the globe has sure not been a picker and chooser. The mass lockdowns have taken their toll on the economy while the containment measures have not exactly helped things. Thus, while businesses are being forced to shut down, we have a strange yo-yo effect where some businesses are doing better than ever before. For instance, Zoom has hit record sales thanks to all that work from home!

Insolvency practitioners too find themselves in the same boat. With the rise in the insolvency rates, they are finding themselves neck-deep in work at a time when home working causes lower productivity rates as well as exhaust already overburdened staff.

Considering as it is, that a full return to the workforce is still viewed from sceptical eyes, it does make sense to consider outsourcing. Most firms find that in the present job market, hiring is just not something they want to get to. The less exposure the better but recruitment does mean a mass attendance, and screenings over the phone or video conferring do serve to eat up a lot of an employer’s time.

Thus, when you have professionals already ready to serve your needs, in the present scenario it is no surprise that even traditional firms have embraced outsourcing. Working from home, after all, has made people more accustomed to relaying business over the telephone and via email. Thus, if you have a temporary need for staff, it is indeed a good idea to simply hire someone part-time or as per the duration of time needed for the work.

How Insolvency Back Office Outsourcing Prove to Be More Useful:

By outsourcing insolvency admin work, you need not worry about where your staff is working from and the number of contact points is lower.|

  1. In the current situation, holding a proper recruitment process wouldn’t be possible. Plus, it would eat up all of your time when you need it the most.
  2. Training someone who is just stepping in would be more difficult especially if you arrange for them to work from home, hence, having a professional is a lifesaver
  3. Since you’ve already got the communication lines in place due to home working, it makes sense to put them to further use. You can continue to use the same channels with your outsourcing partner

Doshi outsourcing can help you here. The COVID 19 has caused a situation where insolvencies are in the boom. It appears that only China might be exempt from a falling job market. Keeping this in mind it seems hardly possible that insolvency practitioners will have a dry year. By outsourcing, you will not only reduce the burden on your existing staff but also be charged at a far lower rate than planning for a full-time worker