In a challenging economic environment, like the one many businesses currently find themselves in, its an unfortunate truth that the number of corporate insolvencies spikes.
Scottish Government figures show that there were 1,132 corporate insolvencies of all types during 2022/23. This was up 32.6% for the same reporting period the year before, and a rise of 157.3% on 2020/21s figure.
This increase cant be explained away by the low base of insolvency seen during the Covid-19 pandemic, when considerable forbearance from creditors and government-backed loans potentially masked more serious underlying solvency issues.
The number of corporate insolvencies is the highest it has been in a decade, as businesses grapple with inflation in the price…
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