The number of insolvent businesses in England and Wales has risen by over a third to hit a three-year high, with company directors choosing increasingly to shut down their companies voluntarily.
This is according to the Midlands branch of insolvency and restructuring body R3 and follows statistics published this week [18/4/23] by the Insolvency Service which show that corporate insolvencies rose by 37.7% in March to 2,457 compared to Februarys total of 1,784, and by 15.9% in comparison with March 2022s figure of 2,120.
The government statistics also show that corporate insolvencies in England and Wales increased by 145.9% against March 2021s total of 999, and by 99.3% compared to 1,233 in March 2020.
R3 Midlands committee member Stephe…
Read the full article at: https://www.eastmidlandsbusinesslink.co.uk/mag/finance/corporate-insolvencies-shoot-up-by-a-third-to-three-year-high/