A perfect storm of economic issues has led to the highest Q3 corporate insolvency figures in more than two decades, with a combination of rising costs, director fatigue and increased creditor pressure meaning more firms are now turning to a corporate insolvency process to resolve their financial issues.
This is according to the Midlands branch of insolvency and restructuring body R3 and follows latest statistics published by the Insolvency Service which show that there were 6,208 seasonally adjusted corporate insolvencies in the third quarter of 2023, which is a 10.2% increase on the 5,635 in Q3 2022 and 54.8% higher than the 4,010 in Q3 2021. The Q3 2023 figure is also 41.3% higher than the Q3 2019 pre-pandemic figure of 4,393.
R3 Midla…
Read the full article at: https://www.eastmidlandsbusinesslink.co.uk/mag/finance/corporate-insolvencies-hit-twenty-year-high/