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The UK economy has contracted once again in the latest data, and a second subsequent contraction would signal a third dip into recession, with risks of business insolvency likely to rise as a result.

There is a natural inverse correlation between economic growth and business insolvency; as more money comes into the country, it is only natural for more businesses to thrive, and vice versa.

However, the latest ONS figures for GDP suggest that a ‘triple-dip’ recession could occur sooner, rather than later.

Indeed, an Ipsos MORI poll recently found that 61% of Britons expect to see a third recession take place during 2013, before the year is out.

For optimistic businesses, however, it’s not all bad news; there have been several one-off dips in GDP during the current turbulent economic cycle, and not all have been followed by the second contraction needed for a recession to be formally declared.

As such, if you are facing difficulties, it is still a good time to seek professional insolvency advice and attempt to recover your business, rather than simply throwing in the towel.