A total of 329 corporate insolvencies were recorded during the first half of the year, an increase of 30% from the same period in 2022 (253), according to Deloitte.
Insolvencies also increased on a quarterly basis, jumping from 143 in the first quarter to 186 in the second quarter, the highest recorded level since Q1 2019 (195).
The figures point more widely to a return to a pre-Covid level of business failures following the retraction of government supports, although insolvency remains 30% below 2017 and 2018 levels.
Deloitte said the statistics are somewhat reflective of economy’s resilience, with employment having grown 4% year-on-year and 20% since 2017. Personal consumption also increased 5.1% in the 12 month to Q1.
David Van Dess…
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