South West businesses are being urged to take early action if their finances are under strain after new Government figures showed corporate insolvencies have hit their third highest monthly total since the start of the pandemic.
Statistics reveal 1,207 companies registered as insolvent in June 2021 across England and Wales – a 63% rise in the number for June 2020.
The numbers are, however, lower than before the pandemic, due to fewer compulsory liquidations during a time when there has been widespread Government support for flailing businesses.
But experts are alarmed at the growth in creditors voluntary liquidations (CVLs), where firms unable to pay debts opt to go into liquidation.
According to R3, the i…
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