A month-on-month surge of over 50 per cent in the number of corporate insolvencies in England and Wales highlights the toll that three years of economic turmoil is taking on local businesses, with increasing numbers of companies expected to turn to an insolvency process over coming months to help resolve their financial issues.
This is according to the Midlands branch of the UKs insolvency and restructuring trade body R3 and comes on the back of latest figures from the Insolvency Service which show that corporate insolvencies jumped by 51.2 per cent in May 2023 to a total of 2,552 compared to Aprils total of 1,688, and by 39.8 per cent against May 2022s figure of 1,825.
Furthermore, the May 2023 corporate insolvency levels shot up by 151…
Read the full article at: https://www.eastmidlandsbusinesslink.co.uk/mag/finance/corporate-insolvencies-surge-by-over-50-as-businesses-battle-high-prices-and-borrowing-costs/