A rising tide of insolvent businesses in England and Wales could swell further and lead to a significant hike in corporate insolvency levels across the region for 2024.
This is according to the Midlands branch of insolvency and restructuring body R3 and follows the latest annual statistics published by the Insolvency Service which show that there were 25,158 seasonally adjusted corporate insolvencies in 2023, which is an increase of 13.7% on 2022s figure of 22,123.
The 2023 figure is also an increase of 78.9% on the 2021 statistic of 14,059, and a rise of 46.6% on the 2019 pre-pandemic figure of 17,163.
R3 Midlands chair Stephen Rome, a partner at Penningtons Manches Cooper in the region, said: Increases in Creditors Voluntary Liquidatio…
Read the full article at: https://www.eastmidlandsbusinesslink.co.uk/mag/finance/warning-for-midlands-businesses-as-tide-rises-on-corporate-insolvencies/