Insolvency body rescued 92,000 jobs

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THE insolvency profession in the North of England helped to save more than 92,000 jobs last year, according to a study by R3, the trade body for insolvency professionals.

The study concludes that the insolvency profession in the North made a significant contribution to the regional economy, rescuing 41 per cent of businesses that entered a formal insolvency procedure.

The report, Why Insolvency Matters: The insolvency profession’s value to the North of England, reveals that out of approximately 4,995 businesses in the region which became insolvent in 2013/14, 2,070 continued in some form, and 92,135 jobs were saved. In Yorkshire, 631 of the 2,102 of the businesses that entered a formal procedure were rescued, saving around 46,246 jobs.

William Ballmann, chair of R3 in Yorkshire, said: “This report demonstrates the positive work carried out by insolvency practitioners.”