PriceWaterhouse Coopers hopes to capitalise on the opportunities created by the fall-out from the credit crunch by forming a new team to advise companies that are grappling with a serious shortage of debt funding in Scotland.

PriceWaterhouse Coopers hopes to capitalise on the opportunities created by the fall-out from the credit crunch by forming a new team to advise companies that are grappling with a serious shortage of debt funding in Scotland.

The "big four" accountant has formed a specialist debt advisory team that will make money by helping firms deal with the dramatic change in funding markets over the last two years.

This has left many firms struggling to raise debt on affordable terms. The pool of lenders has shrunk as a result of some banks collapsing or quitting the British market.

In the UK, banks that have accepted huge bail-outs from the government, such as Royal Bank of Scotland, are concentrating on shrinking their balance sheets. This entails a big reduction in their exposure to companies.

The consequences could be severe in Scotland, where many firms took on big borrowings to fund expansion during the boom, when debt seemed to be cheap and easy to come by.

Many agreed borrowing facilities for fixed terms that will expire shortly.

The Fraser of Allander Institute at Strathclyde University estimates that at least £10bn is due for refinancing in 2009-10 alone. Business leaders have complained that many firms are finding it impossible to refinance their borrowings. Others are having to pay a very high price for any new funding, in the form of stiff arrangement fees, higher interest charges and onerous covenants that limit their freedom of action.

"Across the board, the lack of availability of debt is the biggest issue on our clients' agendas right now," said Jason Morris, partner in the team.

"Even companies that are creditworthy and trading well in resilient industries are being badly affected by the credit crunch, simply because their credit lines are withdrawn or not extended. As the amount of liquidity has sharply reduced, more companies are chasing less and more expensive credit. This is a function of supply and demand in credit markets, not necessarily individual borrower credit risks."

Morris said larger firms that are in a strong credit position are finding it easier to get financing than they were six months ago. The government's efforts to encourage the banks to increase lending have started to have an effect.

However, companies that are less strong credit propositions are not finding it any easier to get finance.

Morris said the sectors that remain most affected are property, construction and retail.