A surprise month-on-month fall in the number of corporate insolvencies in England and Wales does not reflect current tough trading conditions, with the number of struggling businesses in the region likely to rise significantly over the next year.
This is according to the Midlands branch of the UKs insolvency and restructuring trade body R3 and comes on the back of latest figures published by the Insolvency Service which show that corporate insolvencies decreased by 20.4% in July 2023 to a total of 1,727 compared to Junes total of 2,169, and by 5.7% compared to July 2022s figure of 1,831.
Despite this, corporate insolvency levels increased by 57.6% compared to July 2021 and by 19.9% against the pre-pandemic figure for July 2019.
R3 Midlan…
Read the full article at: https://www.eastmidlandsbusinesslink.co.uk/mag/finance/surprise-fall-in-corporate-insolvencies-a-red-herring-as-businesses-continue-to-battle-economic-onslaught/