CreditorWatch has revealed that business insolvencies reached a record high of 1,378 last month, a 38 per cent increase in the rate of insolvencies over the 12 months to May 2024.
The credit reporting agency found that the total number of insolvencies has increased 34 per cent year on year and is currently 41 per cent above the pre-COVID-19 record of 978, which was reached in July 2019.
The electricity, gas, water, and waste services sector had the most significant rate of increase in business insolvencies year on year, up 89 per cent in the year to April 2024, compared to the 12 months to April 2023.
CreditorWatch said that the increase in insolvency rate in the electricity, gas, water, and waste services sector was driven primarily by…
