The number of corporate insolvencies in the second quarter of 2023 was the highest since 2009 according to new statistics, a highly concerning fact, according to John Cullen, business recovery partner at Menzies LLP.
Released by the UK government on July 28, insolvency statistics showed there were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compared to the second quarter of 2022.
The large rise in total insolvencies is not surprising as 83% of them relate to small businesses entering into a liquidation process where directors of these companies have decided that they have exhausted all recovery options and have no alternative but to cease tra…
Read the full article at: https://www.accountancyage.com/2023/07/28/insolvency-statistics-for-q2-highly-concerning/