In the years since the Covid-19 pandemic, many businesses have struggled to weather tough times. Prolonged closures and disruptions during the pandemic followed by the cost of living crisis and sustained inflation are taking a toll on businesses across the board.
And an increasing number of companies are facing the worst-case scenario this year: insolvency.
When a business becomes insolvent, it means it cannot repay debts when they’re due – either due to a lack of cash or because the business has more liabilities than assets on its balance sheet.
In December 2023, according to data from the government’s Insolvency Service, 2,002 registered companies went into insolvency in England and Wales – 2% higher than the same month the…
