The number of firms going bust in the first three months of 2023 came dangerously close to a 13-year high.
The pandemic, inflation and rising borrowing costs have all combined to wreak havoc on businesses in England and Wales.
The result has been 5,747 registered company insolvencies, 18 per cent higher than the same period last year and close to the 5,969 insolvencies recorded in the final quarter of 2022, which was the highest number since mid-2009.
The number of creditors voluntary liquidations (CVLs) also remained close to the highest quarterly level on Insolvency Service records that go back to the 1960s. Compulsory liquidations also increased.
A downturn in housing has seen construction firms hit hard, representing 18 per cent of…
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