A month-on-month fall in the number of corporate insolvencies in England and Wales is not an accurate reflection of the current tough trading conditions, with rising interest rates likely to be another blow for struggling businesses later this year.
This is according to the Midlands branch of the UKs insolvency and restructuring trade body R3 and comes on the back of figures published [16/5/23] by the Insolvency Service which show that corporate insolvencies decreased by 31.8% in April 2023 to a total of 1,685 compared to Marchs total of 2,471, and by 15.2% compared to April 2022s figure of 1,988.
Despite this, corporate insolvency levels increased by 82.2% from April 2021s total of 925 and by 18.2% from pre-pandemic levels in April 2019…
Read the full article at: https://www.eastmidlandsbusinesslink.co.uk/mag/finance/monthly-fall-in-corporate-insolvencies-as-businesses-await-impact-of-rising-interest-rates/