England and Wales company insolvencies remain near 13-year … – Reuters

LONDON, April 28 (Reuters) – The number of companies declared insolvent in England and Wales in the first three months of 2023 was up 18% on a year earlier and remained close to the 13-year high recorded in the final quarter of 2022, government data showed on Friday.

Some 5,747 companies in England and Wales were declared insolvent in the first quarter of this year compared with 5,969 in the final quarter of 2022, which was the highest number since mid 2009, the seasonally adjusted figures showed.

“We’re seeing an increasing domino effect of insolvencies where firms fail and are unable to pay their debts, thus causing the failure of other firms to whom they owe money,” said David Kelly, head of insolvency at accountancy firm PwC.

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Read the full article at: https://www.reuters.com/world/uk/england-wales-company-insolvencies-remain-near-13-year-high-q1-2023-04-28/