A perfect storm of economic struggles and a covid hangover have forced annual corporate insolvency figures into a 14-year high, with record numbers of businesses now turning to an insolvency process to help resolve significant 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 corporate insolvencies in England and Wales increased by 6.4% in November 2023 to a total of 2,466 compared to Octobers total of 2,317, and by 21.4% compared to November 2022s figure of 2,032.
Corporate insolvencies have also risen by 47.1% from November 2021s total of 1,676 and by 63.9% compared to the pre-pandemic figure of 1,505 in No…
Read the full article at: https://www.eastmidlandsbusinesslink.co.uk/mag/finance/corporate-insolvencies-reach-14-year-high/