Newsflash: More companies and individuals across England and Wales fell into insolvency last month, as high interest rates continue to weigh.
Company insolvencies jumped by 18% in April to 2,177, the Insolvency Service has reported.
This included 300 compulsory liquidations, 1,715 creditors voluntary liquidations (CVLs), 144 administrations and 18 company voluntary arrangements (CVAs).
CVLs allow the directors of an insolvent company to voluntarily wind the company upm while CVAs allow insolvent companies to keep trading, if their creditors agree.
Companies are being hit by high borrowing rates, rising costs, and higher staff wages, explains David Hudson, restructuring advisory partner at FRP:
Last weeks GDP figures suggests that the UK eco…
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