Finance and Accountancy Briefing
Practice in Distress – Difficulties in the Current Financial Market Place
We have of course the experience of the recession in the late 80’s/early 90’s. We at Goldsmiths were surprised at that time how fast an accountancy practice could actually fail. At that time, many practices and practitioners had borrowed substantial sums to either buy a practice, buy into a partnership or fund an acquisition. In addition many had used unsecured practice funding to get into the property market. The end result is that going into recession heavily borrowed, precipitated the rapid demise of a number of practices at that time.
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