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July 2023Insolvency news | Company Insolvencies rise to the highest level since 2009
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Insolvency news | Company Insolvencies rise to the highest level since 2009
28/jul/2023Company Insolvencies in second quarter rise to the highest level since 2009
The insolvency service has released insolvency statistics for 2023 Q2.
Corporate insolvency Statistics
The latest Insolvency Service data revealed that corporate insolvencies for England and Wales have soared in the second quarter of the year, hitting levels not seen since 2009.
A total of 6,342 companies were declared insolvent over the three months to June 2023 which is 9% up on Q1 and also much higher than recent quarters. Most insolvencies were creditors' voluntary liquidations, but the largest jump was in compulsory liquidations.
Companies have come under heavy pressure from higher energy bills, increased labour costs and more recently a sharp increase in borrowing costs as interest rates have almost doubled in the past year.
Company Insolvencies, June 2019 to June 2023, not seasonally adjusted
Source: The Insolvency Service