Keeping firms afloat

Wednesday 3rd December 2008, 3:00PM GMT.

INSOLVENCIES are on the rise, according to the Jersey branch of the Institute of Directors.

The organisation is so concerned about the potential difficulties for Island businesses that it has sent out a checklist advising companies what they should do to try to keep their businesses afloat.

IOD chairman Gary Drinkwater (pictured) said that the Island could not hope to escape the current global financial crisis, despite its well-managed economy.

Mr Drinkwater, who is senior manager of corporate banking at HSBC, said: ‘I do expect a slowdown in the financial services sector, and that will affect those both within and reliant upon the industry. We’ve already seen a couple of Jersey businesses cease trading. I know that some others are worried about the future, particularly in the retail sector.’

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