Local businesses will be hoping for measures which boost economic activity in next week’s Budget, as latest insolvency figures highlight a concerning upward trend in struggling companies.
This is according to the Midlands branch of the UK’s restructuring, turnaround and insolvency trade body R3 and comes on the back of new statistics published by the Insolvency Service which show that corporate insolvencies in England and Wales increased by 2% in October to a total of 2,029 compared to the previous month, and by 17% against the October 2024 figure of 1,739.
R3 Midlands chair Stephen Rome, a partner at law firm Penningtons Manches Cooper in the region, said: “These latest statistics are being published against a background of…