Corporate insolvencies in the UK surged by almost 14 per cent during 2023 according to R3.
25,158 corporate insolvencies were recorded last year, a rise of 13.7 per cent from 2022’s figure of 22,123.
The figure also represents a rise of 78.9 per cent from the 14,059 cases reported in 2021 and a 46.6 per cent increase compared to pre-pandemic figures of 17,163 logged in 2019.
Neil Stewart, chairman of R3s Southern and Thames Valley region, said: The last year has seen a rising tide of corporate insolvencies.
A combination of increased costs, cautious spending, creditor pressure, and the post-pandemic hangover have seen more businesses enter a corporate insolvency process to help address their financial issues than in 2022.
If the overa…
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