This week: Corporate insolvencies climb by almost a third in December. Britvolt, a UK battery start-up runs out of cash and collapses into administration.

For December 2022, the number of corporate insolvencies was 32% higher than in the same month in the previous year (1,489 in December 2021), and 76% higher than the number registered three years previously (pre-pandemic; 1,119 in December 2019). The total number of registered company insolvencies in December 2022 was 1,964.

There were 183 compulsory liquidations in December 2022, more than three and a half times as many as in December 2021 and 8% higher than in December 2019. Numbers of compulsory liquidations have increased from historical lows seen during the coronavirus (COVID-19) pandemic, partly as a result of an increase in winding-up petitions presented by HMRC. There were 1,659 Creditors' Voluntary Liquidations (CVLs), 22% higher than in December 2021 and more than twice as many as December 2019.

The 232 staff were told at a meeting on Tuesday morning that the UK battery start-up had collapsed into administration with the majority being made redundant with immediate effect.

The British-based start-up, which had planned to open a massive £3.8bn battery production facility in Blyth, Northumberland, called in administrators after failing to secure private investment for the £4 billion project. Plans for the facility were seen to be part of a long-term vision to boost manufacturing of electric vehicles and create around 3000 skilled jobs in the North East. The project has previously been championed by government ministers.

The announcement came after months of emergency funding talks and just week ago the group said it was in talks with a consortium of investors to purchase a majority stake, however it is now evident the company has failed to raise enough money to stay afloat.

EY, who were appointed joint administrators described the move as "disappointing", and said all impacted staff were being offered support.