According to latest figures, there were 1,868 corporate insolvencies recorded in May, a 10.5 per cent drop from April and a 16.3 per cent fall compared to the same month last year.
Andy McGill, restructuring and insolvency partner at Azets, a UK accountancy and advisory firm, said: “The monthly and annual fall in corporate insolvencies reflects the change in Compulsory Liquidation numbers, which are down from a 10-year high last month, and the change in Creditors’ Voluntary Liquidation numbers from May last year – a month in which many employers were entering a CVL in response to the increased National Insurance costs that were introduced in April.
“Directors running out of fight, firepower and finance is still a…