New data from Begbies Traynor Group has found that UK corporate debt soared by £1.9 trillion to £6.6 trillion in 2020, and 52% of UK businesses are “now saddled with toxic debt” that may never be repaid. Begbies Traynor also expects that the repercussions of these ‘toxic debts’ will be exacerbated by many creditors calling them in from September when courts reopened. Brendan Clarkson, Director of National Creditor Services at Begbies Traynor, said: “there is likely to be a scramble from September for creditors to seek payments from lendees. After all, the longer they do not have payment, the longer they themselves are at risk of transforming into ‘zombie’ businesses racked with debt and trying to gather income to service that debt.” To read Begbies Traynor’s news release go to https://www.begbies-traynorgroup.com/news/business-health-statistics/toxic-debt-held-by-52-of-all-businesses-as-money-owed-increased-by-1.9tn-in-2020.