There were 2,552 registered company insolvencies in May, new statistics from the Insolvency Service show, up from 1,825 in May 2022. It’s also an increase on April, when 1,688 insolvences in England and Wales were reported.
This is “higher than levels seen while the Government support measures were in place in response to the coronavirus (COVID-19) pandemic and also higher than pre-pandemic numbers”, the report says.
There were 189 compulsory liquidations in May 2023, 34% higher than in May 2022, as more companies collapse under the strain of rising costs and higher interest rates.
The number of Creditors’ Voluntary Liquidations (where directors opt to wind up an insolvent company with no prospect of recovery) rose by38% to 2,181.
