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Corporate receivership advice customers 'turning to pawnbrokers'

Date Added: 17/11/2010  

Some companies such as those which are taking corporate receivership advice could be turning to pawnbrokers in order to raise funds to save their business.

This is according to Steven Law, president of insolvency trade body R3, who stated that there is anecdotal evidence that some firms have done this as a last resort after running out of other ways to come up with vital cash.

He explained this is an "unsustainable" form of funding and questioned whether or not banks are currently lending enough money to corporate receivership advice customers and other organisations.

"Business owners facing difficult funding situations should be seeking professional advice at the earliest opportunity to give their business the best chance of survival," he said.

He was commenting after eBay revealed that as many as one out of every three small to medium-sized enterprises have been forced to use overdraft facilities as they cannot access funding from banks.

Posted by Michael Beam 

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