The number of businesses being wound up has increased again as firms are hit by the withdrawal of COVID-era support, higher interest rates and dwindling consumer spending.
The level of business insolvencies is higher than pre-pandemic times and when the state was supporting businesses throughout the COVID-19 years, figures from the Insolvency Service show.
Registered company insolvencies rose 27% in England and Wales from June last year to last month: 2,163 were recorded.
Similarly, liquidations increased. Compulsory business liquidations rose 77% over the year to June to 260, up from the historical lows during the pandemic.
There was also a 21% jump in the number of creditors’ voluntary liquidations and a greater number of company vol…
Read the full article at: https://news.sky.com/story/company-windups-rise-again-surpassing-pre-pandemic-levels-but-individual-insolvencies-fall-12922719