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Business debt advice 'rising in transport sector'

Date Added: 18/11/2010  

Business debt advice may not have been enough for some companies in the transport sector, as there has been an increase in the number of company voluntary arrangements, new research shows.

According to Road Transport, figures from the Insolvency Service show that during the third quarter of the year, there was an increase in the number of businesses seeking company voluntary arrangements (CVAs).

A total of eight firms in the sector entered into such schemes during the period, up from seven in the second quarter, the statistics show.

Head of restructuring at KPMG Richard Fleming told the news provider that CVAs may offer a good opportunity to put business debt advice into action and reach agreements between businesses and creditors that allow operations to continue.

He added that the increase in transport companies taking out such arrangements shows the efforts they are going to in order to overcome their financial problems.

A number of businesses in different sectors have used company voluntary arrangements in order to tackle debt problems. Earlier this year, DIY chain Focus used such a system to tackle its own monetary concerns.

Posted by Michael Beam 

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