Company liquidations are continuing at high volumes with most being initiated by Inland Revenue, credit bureau Centrix says.
The firm’s February Credit Indicator notes 115 liquidations in January, up from 97 in January last year, a rise of 18%.
Centrix says 69% of liquidation applications are initiated by Inland Revenue following a steady rise from 32% in 2021.
“Nearly 70% of liquidation applications are initiated by Inland Revenue, up from 30% to 40% during 2020/21. Inland Revenue is reporting more tax debt defaults to Centrix, which continues to influence reported insolvency activity,” Centrix’s Chief Operating Officer Monika Lacey says.
“Construction remains the leading contributor with 758 firms, 0.9% of sector, liquidated…