Business insolvencies jumped 30% to a 13-year high in 2022 as government support programmes that offered companies protection from their creditors during the pandemic came to an end.
Soaring costs and weakening consumer demand in the second half of last year also combined to force many firms into liquidation, said analysts who predicted the situation was likely to worsen as the UK economy moves into recession this year.
The total number of company insolvencies registered in England and Wales reached 22,109, according to official data, which was the highest since the recession in 2009 that followed the financial crash, and 57% higher than 2021.
Christina Fitzgerald, the president of R3, the insolvency and restructuring trade body, said 2022 …
Read the full article at: https://www.theguardian.com/business/2023/jan/31/business-insolvencies-firms-go-bust-2022-england-wales