Coronavirus
Hotel and restaurant loan write-offs soar 65%
The end of the moratorium on winding up petitions on 30 September and end of the suspension on landlord action for rent arrears in March 2022 will ‘likely trigger a sharply increased number of insolvencies in the sector’
Write-offs of loans to restaurants and hotels rose by 65% during the course of the pandemic, with £99m written off by banks and other lenders in 2020/21, up from £60m the prior year, according to audit, tax, and advisory firm Mazars.
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