More and more businesses are “running out of road”, according to the North East chair of insolvency and restructuring trade body R3, as corporate insolvency figures continue to rise.
Data for the second quarter of 2023 revealed an increase of 8.9 per cent on the number of corporate insolvencies during the first three months of the year, and the highest levels of corporate insolvency since the aftermath of the financial crisis in the late noughties.
According to the Insolvency Service, 6,342 corporate insolvency cases were lodged across England and Wales between April and June this year, compared to 5,824 in the preceding three months.
The new figure is more than double the 3,082 cases registered in Q2 …
Read the full article at: https://www.insidermedia.com/news/north-east/businesses-running-out-of-road-r3