Company insolvencies in England and Wales jumped by 40% in May to the highest level since monthly records began in 2019.
Government data from the Insolvency Service showed 2,552 companies entered insolvency during the month.
It said the overwhelming majority of these were creditors voluntary liquidations (CVLs), where bosses agree to wind up the firm without court action.
The data reported 2,181 CVLs for the month, representing a 38% jump on the same month last year.
Meanwhile, compulsory liquidation increased by 34% for the month to 189, with the Insolvency Service linking this to more requests by HMRC to wind up firms in order to recover cash from them.
There were also 151 administrations in May, which was 80% higher than in May 2022….
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