Ken Tyrrell has been scratching his head.
A restructuring and insolvency specialist with the accountancy firm PwC, he has maintained a running tracker of corporate insolvencies in recent years.
Along with his team, he has produced quarterly reports on how many companies are going out of business and what sectors of the economy are struggling most.
Last year, he felt that the insolvency numbers should have gone up. After all, the economy was dealing with inflation, rising interest rates, tariffs and heightened geopolitical uncertainty.
Yet, the number of insolvencies flatlined.
“Any one of those four things should have led to an increase in insolvencies. But the numbers were…