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Corporate insolvencies in England and Wales rose to their highest level since 1993 last year, according to official figures that lay bare the challenges facing companies amid slowing demand and high production costs.
There were 25,158 registered company insolvencies in 2023, up 13.7 per cent from the previous year — the highest number for 30 years, the Insolvency Service said on Tuesday.
The figures included 20,577 voluntary liquidations, 9 per cent higher than in 2022 and the highest number since the series began in 1960.
Corporate insolvencies are formal measures taken when a business can no longer pay its…
