UK Insolvencies Fall in Brief Respite for Struggling Firms – BNN Bloomberg

(Bloomberg) — England and Wales recorded fewer insolvencies in April than a year earlier, indicating the number of failing businesses may be starting to stabilize. 

A total of 1,685 firms went bust last month, a drop of 15% compared with April 2022, according to the Governments Insolvency Service. But that followed a 16% surge in March to 2,471, the highest number since monthly data began in 2019, as businesses were squeezed by the cost-of-living crisis.

While Aprils figure is lower than a year ago, when businesses were reeling from the withdrawal of Covid support, it is still higher than pre-pandemic levels.

And there were 183 compulsory liquidations, those initiated by creditors and ordered by a court, nearly twice the number of a yea…

Read the full article at: https://www.bnnbloomberg.ca/uk-insolvencies-fall-in-brief-respite-for-struggling-firms-1.1920793