Ammon News – The number of companies declared insolvent in England and Wales last month was 17% higher than a year earlier, as many businesses continued to struggle following a surge in costs last year and ongoing high interest rates.
The Insolvency Service, a government agency, said 2,102 companies were declared insolvent, up from 1,801 in February 2023 and more than 50% higher than in February 2020, when the COVID-19 pandemic began to hit Britain.
Insolvencies fell during the pandemic itself, due to emergency government loan support and restrictions on court action against struggling companies.
“There has been something of a ‘death by a thousand cuts’ for many businesses,” said Jeremy Whiteson, a restructuring and insolvency partner at …
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