Corporate insolvencies increased 22% year-on-year in the first quarter, jumping from 120 to 146, according to the latest figures from Deloitte.
However, insolvencies fell from 152 in the previous quarter, so a forecasted increase in corporate insolvency activity has as yet failed to materialise.
David Van Dessel, partner for financial advisory at Deloitte, said the figures suggest that corporate insolvency activity is returning to pre-pandemic levels.
“However, taking 2019 as a previous norm, we are not yet seeing a material fallout from the economic impact of Covid, or that of increased interest rates and current inflation,” he continued.
“In all situations of financial distress, early action by company directors dramatically increases…
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