The number of company insolvencies has risen by 51% in a month to reach a four-year high as companies battled rising costs and interest rates, according to the latest government figures.
The figures show that there were 2,552 corporate insolvencies in England and Wales in May. The figure was also 40% higher than in May last year and 89% higher than in May 2019 before the pandemic.
Fran Henshaw, North West chair of the insolvency and restructuring trade body R3, says: Three years of economic turmoil is taking its toll on businesses. The latest corporate insolvency figures are the highest since January 2019. The fallout from battling the effects of the pandemic, coupled with rising costs, increased creditor pressure, and high inflation, is…
Read the full article at: https://www.thebusinessdesk.com/northwest/news/2116236-insolvencies-reach-four-year-high-as-firms-battle-rising-costs