The number of companies that became insolvent in July was 16% higher than during the same period last year, according to official data.
In England and Wales, 2,191 businesses went bust, according to the Insolvency Service, compared with 1,890 in July 2023.
The figures included 320 compulsory liquidations – when a company is forced to shut down, usually because it has debts it cannot pay – which is the highest monthly number since before the Covid-19 pandemic.
He said: “We expect insolvency levels to remain elevated for some time yet.
“While economic conditions are improving, there are many businesses that have had their resilience ground down since the onset of the pandemic and that are now carrying large amounts of debt,…
