Insolvency news | UK teetering on the edge of recession as corporate insolvencies hit a 13 year high.

Latest figures released for December, put corporate insolvencies at a 13 year high for 2022 which is up 30% on the previous year.

Rising energy costs which are now filtering down to all sectors of the economy have weakened consumer demand in the second half 2022 which has forced many firms into liquidation. The situation is likely to worse in the near term as the UK is tipped to officially enter recession this year.

The total number of corporate insolvencies registered in England and Wales hit 22,109, according to official data, which was the highest since the 2009 recession that followed the financial crash, and up by 57% when compared to 2021.

Read the more on the latest insolvency statistics here:
https://www.gov.uk/government/statistics/monthly-insolvency-statistics-december-2022

Are you concerned that rising costs for energy, fuel and raw materials are impacting on your business or could rising interest rates make your debt unserviceable? Take professional advice at the earliest sign of stress. We can offer you a free consultation to discuss your options.