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Corporate insolvencies in England and Wales rose by 40% in the year to May 2023, reaching 2,552 during the month, according to new data published by the UK Insolvency Service today.
This is higher than pre-pandemic and higher than during the time when the UK Government stepped in to offer support to businesses impacted by the pandemic, the service said.
There were 189 compulsory liquidations during the month, the service said, 34% higher than May 2022.
On an individual basis, 617 people were declared bankrupt during the month, 5% higher than May 2022, and half of pre-pandemic levels.
The UK has faced challenging economic conditions from record inflation over the past year, which the Bank of England (BoE) is attempting to bring under control by raising interest rates to the highest level since 2008, resulting in increased borrowing costs and higher input costs for businesses.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
