Surprise falls in the number of corporate insolvencies across the country do not yet reflect the effect of the pandemic on businesses, warns the Midlands branch of insolvency and restructuring trade body R3.
Recently published statistics, from the Insolvency Service, show that there were 732 company insolvencies in England and Wales in June 2020, which is a decrease on the figure for May 2020 and a 50% drop compared to the number for June 2019.
The decrease in the number of corporate insolvencies in June was driven by a sharp reduction in the number of Creditors Voluntary Liquidations and a drop in administrations.
R3 Midlands Chair Eddie Williams, a partner at Grant Thornton in the East Midlands, said: The statistics still do not refl…
Read the full article at: https://www.eastmidlandsbusinesslink.co.uk/mag/featured/r3-midlands-warns-latest-insolvency-statistics-do-not-yet-show-effect-of-pandemic-on-businesses/