Company insolvencies in England and Wales reached their highest level in 30 years in 2023, official figures have revealed.
According to the Insolvency Service, the total number of company insolvencies last year was 25,158, which was the highest number since 1993 and 14% higher than in 2022.
Construction was the most commonly affected sector, with 4,371 companies becoming insolvent in 2023. The wholesale, retail trade and motor vehicle repair sector (3,929) and accommodation and food service industry (3,727) were also significantly affected.
During the coronavirus pandemic in 2020 and 2021, when government support measures were in place, company insolvency numbers were low compared to historical levels. However, the number of creditors vo…
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