Mr Robert Bajaj, a consultant solicitor with regional law firm Ellis Jones predict a rise in business failures across the South.
Speaking at an insolvency seminar in Southampton, Mr Bajaj highlighted a range of factors including:
- Static commercial property market
- Decline in High Street activity with the retail sector under particular pressure
- Global uncertainty and the increasing threat of an international trade war, primarily between America and China
- Strong possibility that Russian investment in London could be affected by the deteriorating UK-Russia relationship
- Downturn in the London property market for the first time since 2009
Mr Bajaj stated: “Insolvency practitioners are already reporting to us a high level of activity.
“Without question all the elements for ‘a perfect storm’ are falling into place. We should prepare ourselves for a potentially rocky road ahead.”
Representatives from some of the region’s biggest accountancy firms, as well as insolvency practitioners based in Dorset and Hampshire were present at the insolvency seminar which was held at the Solent Conference Centre at Southampton Solent University.
Speakers included William Fox Bregman, Partner and Head of Banking and Finance Litigation at Ellis Jones; Carl Arreghini, an associate solicitor specialising in insolvency, and Seb Oram of 3PB Barristers.
A specialist insolvency team which was formed by Ellis Jones was able to call on the advice of experts in banking and litigation finance, business services and employment law.
Mr Bajaj concluded: “The seminar provided the perfect opportunity to update local insolvency practitioners on issues affecting them.
“We received some very flattering feedback from attendees. We’ll continue to develop and expand our relationships and provide support from our experienced team.”
