A month-on-month surge of over 50% in the number of corporate insolvencies in England and Wales highlights the toll that three years of economic turmoil is taking on local businesses, the Midlands branch of UK insolvency and restructuring trade body R3 says.
The latest figures from the Insolvency Service show that corporate insolvencies jumped by 51.2% in May 2023 to a total of 2,552 compared to Aprils total of 1,688 and by 39.8% against May 2022s figure of 1,825.
Corporate insolvency levels shot up by 151.9% last month in comparison with May 2021s total of 1,013 and by 170.3% against May 2020s total of 944. Numbers also increased by 89.3% compared to the pre-pandemic figure of 1,348 in May 2019.
R3 Midlands chair Stephen Rome, a directo…
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