By David Milliken
LONDON (Reuters) -Company insolvencies in England and Wales last month jumped 40% year on year to the highest level since monthly records began in January 2019, government data showed on Friday.
In May, 2,552 companies were declared insolvent, overwhelmingly through creditors’ voluntary liquidations, in which a company’s directors agree to wind up the business without a formal court order.
However, the government’s Insolvency Service said there had also been a 34% increase in compulsory liquidations, partly due to more requests from tax authorities to recover funds from companies unable to pay their tax bill.
Insolvencies in Britain were low during the COVID-19 pandemic because of an 80-billion-pound ($102-billion) …
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