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LATEST NEWS & EVENTS Firms 'fear insolvency in event of double-dip recession'  A significant number of small firms in the UK fear they would become insolvent if the country's economy suffered a double-dip recession. This is according to new figures from R3, which suggested that more than a quarter of such companies (28 per cent) registered concern over this possibility. Businesses in the hotel and catering sector were the least positive, with 47 per cent of them saying they may no longer be financially viable if the economy has another bad spell. Responding to the findings, the organisation - which is a professional association for insolvency, business recovery and turnaround specialists - said they show that while Britain has emerged from the economic downturn, many enterprises have been "worn out" by their efforts to remain afloat. President of R3 Peter Sargent said: "Many struggling businesses drew heavily on their reserves in order to survive and their resources have now begun to run out." Rick Munro, head of corporate recovery and insolvency at Lamport Bassitt, said: "Those businesses facing these difficulties would be well advised to seek advice from a local insolvency specialist earlier rather than later when the chances of survival are better." 
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