East Anglian company directors are closing their businesses at a faster rate amid “insurmountable challenges”, an insolvency practitioners’ body has warned.
Regional trade body R3 Eastern said corporate collapses were hitting a year-on-year high as firms faced “a perfect storm” ofeconomic turmoil and were increasingly leant on by creditors pursuing debts.
Monthly statistics releasedby the Insolvency Service on January 17 showed corporate insolvencies in England and Wales rose by 32% in Decemberto 1,964 compared to December 2021 – when there were 1,489 recorded.
The figure was also 76% up on pre-pandemicDecember 2019 when there were 1,119 insolvencies recorded.
R3Eastern chairman Alistair Bacon, founding principal at AMB Law in the regi…
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