England and Wales report highest number of company insolvencies … – Reuters

LONDON, July 28 (Reuters) – England and Wales saw the highest number of company insolvencies since 2009 during the second quarter of this year, government figures showed on Friday.

On a seasonally adjusted basis, 6,342 companies were registered as insolvent in the three months to the end of June, 13% more than a year earlier and the highest since the second quarter of 2009, the official Insolvency Service agency said.

Insolvencies slumped in Britain during the COVID-19 pandemic, as businesses benefited from 80 billion pounds ($102 billion) of support loans and a ban on court-ordered liquidations, which only fully ended in April 2022.

Many small businesses have struggled to repay these loans, and also face challenges from much higher Bank of…

Read the full article at: https://www.reuters.com/world/uk/england-wales-report-highest-number-company-insolvencies-since-2009-2023-07-28/