Company insolvency levels are higher than during the pandemic, according to the latest figures.
The number of firms in England and Wales going out of business last month was up 16% year-on-year, as reported by Sky.
There were 2,191 company insolvencies in July, according to the Insolvency Service, with the retail and hospitality sectors hit the hardest.
There were 320 compulsory liquidations in July – the highest monthly figure since before the pandemic.
Meanwhile, individual insolvencies were up by 24% year-on-year in July, according to separate official figures released yesterday (August 20).
The total of 10,524 included 634 bankruptcies, 5,727 individual voluntary arrangements and 4,163 debt relief orders.
