Wed, 18 Jan 2023 | BUSINESS NEWS
New figures from the Insolvency Service have shown that corporate insolvencies increased sharply in December 2022, as UK companies struggled with rising costs, plummeting consumer sentiment and the end of COVID-19-related government support.
The Insolvency Service reported that there were 1,964 company insolvencies in December 2022, up 32 per cent from December 2021 and 76 per cent higher than the same month in 2019, prior to the onset of the COVID-19 pandemic.
The sharp rise was driven by an increase in creditors voluntary liquidations, which rose to 1,659 last month, up 22 per cent from the same month in 2021 and over twice as high as figures for December 2019. Compulsory liquidations, meanwhile, …
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