An insolvency specialist is forecasting a rise in business failures across the South.
Robert Bajaj, a consultant solicitor with regional law firm Ellis Jones, said that all the ingredients existed for “a perfect storm.”
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 said: “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.”
Delegates at the insolvency seminar, held at the Solent Conference Centre at Southampton Solent University, included representatives from some of the region’s biggest accountancy firms as well as insolvency practitioners based in Dorset and Hampshire.
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.
Ellis Jones has formed a specialist insolvency team which is also able to call on the advice of experts in banking and litigation finance, business services and employment law.
Mr Bajaj said: “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.”
Ellis Jones is a regional law firm with more than 150 staff including 14 partners.
It has five offices across the south coast – Bournemouth, Canford Cliffs (Poole), Ringwood, Swanage and Wimborne – as well as London and offers a wide range of services to individuals and businesses.
Note to journalists:
For more details, please contact: Andrew Diprose, Director, Deep South Media Ltd, on 01202 534487.