THE CHAIR of a regional arm of financial trade association R3 says more businesses are turning to insolvencies than at this time last year after new figures emerge.
It comes after the Insolvency Service published personal and corporate insolvency statistics for England and Wales were published in September.
Figures show that corporate (business) insolvencies where their debts outweigh the value of their assets increased by 16.5% between September 2022 and September 2023.
This represents a rise of more than 35% compared to 2021, and 112% compared to 2020.
Despite this, September 2023s figures represented a 15% drop from the previous month.
For households, however, the figures show that a decline in personal insolvency since the beginning …
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