Company liquidations in the UK are set to soar during 2009, one expert has said.
According to the accountancy group Wilkins Kennedy, instances of British firms going bust could hit their highest level for more than 15 years, with many businesses choosing to wind themselves up rather than face insolvency.
If they did choose to go through insolvency proceedings, firms could potentially benefit from using a secure virtual data room, which allows for the swift sale of assets in an online setting.
A partner in the firm claimed that more businesses than official figures suggested were hitting the wall.
Keith Stevens said: "We are seeing an increasing number of companies choosing to throw in the towel and cease trading early rather than hanging on until the bitter end and waiting until they are insolvent."
A recent investigation by Lloyds TSB found that almost a third of small firms in the UK were currently suffering from cashflow problems.
