Businesses in the UK are starting to decline following a significant rise in company insolvencies last month.
Recent insolvency service data shows company bankruptcies surged to 2,308 in August, marking a 33.6 percent increase compared to July.
Nicky Fisher, president of R3, the UKs insolvency and restructuring trade body, commented: Augusts corporate insolvency figures were their highest for this month in four years as a mixture of long-term economic issues, director fatigue and creditor pressure saw more companies enter an insolvency process in an attempt to resolve their financial issues or shut their doors.”
Creditors’ voluntary liquidations remain high as an increasing number of directors choose to wind down their firms. Meanwhi…
Read the full article at: https://www.express.co.uk/finance/personalfinance/1814015/uk-insolvencies-2023