Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Company insolvencies at highest rate for a decade

by August 3, 2022
August 3, 2022
Company insolvencies at highest rate for a decade

The number of British companies filing for insolvency hit its highest level in a decade last quarter as businesses struggled after Covid support was lost.

The Insolvency Service said that between April and June, 5,629 companies became insolvent — 13 per cent higher than in the same period of 2022. Not since the third quarter of 2009 have more companies gone bust.

There were 81 per cent more insolvencies than in second quarter of last year, when businesses were still able to access the furlough scheme and bounce back loans, and had relief from landlords seeking unpaid rent.

Of the insolvencies, 90 per cent, or 4,908, were creditors’ voluntary liquidations, when directors start winding down their business. The Insolvency Service said that was the most CVLs it had known in any quarter since it started recording such data in 1960.

Restructuring experts said companies were struggling to cope with rising costs and supply chain disruption.

Samantha Keen, a restructuring strategy partner at EY-Parthenon, said the second-quarter was just “the first tranche of insolvencies”. “We expect insolvencies among larger businesses that are struggling to adapt to challenging trading conditions, tighter capital, and increased market volatility.”

Construction firms made up a fifth of insolvencies. Wholesale retailers and accommodation and food services were the next worst-affected sectors.

Jeremy Whiteson, a restructuring partner at law firm Fladgate, said: “Inflation, recession fears, constriction of fuel and food supply and geopolitical risks all threaten to worsen the position for business in England and Wales.”

Read more:
Company insolvencies at highest rate for a decade

0
FacebookTwitterGoogle +Pinterest
previous post
The finance firm invested in educating future customers
next post
Post covid footfall gains are wiped out as shoppers stay at home

You may also like

5 Features Explained: How Does a PBX Phone...

January 8, 2025

Britishvolt owed £160m at its collapse

March 15, 2023

Tories Hint at National Insurance Abolition in Next...

April 1, 2024

Crypto Trading Contest: Strategies and Solutions for Firms

September 29, 2024

How to start a creative video production agency:...

July 18, 2023

This Startup Is The Growth Engine of Growth...

September 14, 2022

Simple Tips for Choosing a Crypto Gaming Club

February 26, 2023

Northern Ireland economy expected to shrink next year

December 9, 2022

Energy Price Guarantee expected to continue at same...

March 6, 2023

Small businesses hire three unsuitable staff a year

May 9, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Good Riddance to the Penny

      June 5, 2025
    • Oracle Fusion Testing: The UK Leader’s Playbook for Automation

      June 5, 2025
    • Blue state Republicans threaten rebellion if Senate changes key provision in Trump’s ‘big, beautiful bill’

      June 5, 2025
    • Ricketts, Fetterman team up for crackdown on China’s attempts to purchase US farmland

      June 5, 2025
    • Hamas working to ‘sabotage’ Trump-backed aid group with ‘fake news’: Israeli official

      June 5, 2025
    • Longtime Trump loyalist flips on GOP’s ‘big, beautiful bill’

      June 5, 2025

    Categories

    • Business (8,148)
    • Investing (2,009)
    • Politics (15,529)
    • Stocks (3,128)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved