There’s no sign of the rate of business failure slowing, despite hopes the economy may be inching towards recovery.
Insolvency practitioner Keaton Pronk, of McDonald Vague, said, at the end of September, there had been more winding up applications in the year to date than in any other year for the past 10 years.
He said there were 138 applications to wind up companies advertised during the month and 1072 in the year to date. That was higher than any full year total between 2017 and 2023, and more in the nine months to September than in the past two years.
A winding up application is usually made when a business is not able to pay its debts.
If the company cannot reach agreement with its creditors, they can go to the High Court to apply to…