Company insolvencies across England and Wales were up 10% in the last quarter compared to the same period last year, according to official figures, as a separate report warns of a leap in financial distress. The Insolvency Service reported 6,208 registered company insolvencies between July and September, compared to 5,635 between the same three months in 2022.
The impact of rising interest rates, designed to temper the pace of price rises, are being felt by consumers and businesses alike. The Insolvency Service data was released as the latest Red Flag Alert report by insolvency specialists Begbies Traynor showed 'a marked increase' in the number of businesses in 'critical' financial distress.
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