‘Director fatigue’, rising costs and debt demands behind soaring number of firms going bust, say experts

According to the UK Insolvency Service, the number of creditors’ voluntary liquidations was at its highest since 1960

The number of company insolvencies between July and September was 10 per cent higher than the same period last year, while the number of creditors’ voluntary liquidations was at its highest since 1960, when the numbers were first collected.One in 191 active companies entered liquidation between 1 October 2022 and 30 September 2023, the Insolvency Service said.

“A combination of director fatigue, rising costs and increased creditor pressure mean more firms are turning to a corporate insolvency process to resolve their financial issues. “Trading conditions are tough right now. People are worried about money and reluctant to spend on anything other than the basics – and even then, are looking for the best deal possible – while costs are rising and the economy remains turbulent.Simon Edel, a restructuring expert at EY-Parthenon, said the latest figures showed the challenges of staying in business were starting to hit bigger companies.

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