Economic challenges and lingering effects of the COVID-19 pandemic have led to a 14-year high in annual corporate insolvency figures, as businesses increasingly resort to insolvency processes to address significant financial difficulties.
The Midlands branch of R3, an insolvency and restructuring body, reports this trend based on the latest statistics from the Insolvency Service.
In November 2023, corporate insolvencies in England and Wales rose by 6.4% to 2,466 compared to October, and increased by 21.4% compared to November 2022.
This represents a 47.1% surge from November 2021 and a 63.9% increase from the pre-pandemic figure in November 2019.
R3 Midlands chair Stephen Rome, a partner at the Midlands office of Penningtons Manches Coop…
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