The number of company insolvencies increased by 70% year-on-year in the first three months of 2023, according to the latest figures from credit risk analyst CRIFVision-Net.
Annual data for January, February and March suggest that inflationary pressures have added further concern for businesses, with a rise in insolvencies across ten counties.
Sectors such as hospitality (767%), manufacturing (375%), retail (167%), computers (125%), construction (117%) and leasing (67%) all recorded significant increases in this avenue of closure for businesses.
Start-ups have faced tough economic challenges in the first three months of this year, which really started to take hold in the same three month period in 2022 following the invasion of Ukraine,” s…
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