More companies in the UK went bust last year than during the 2008 financial crisis, according to the latest figures from the Insolvency Service, writes David Connett.
A total of 25,551 business insolvencies were recorded, more than the 25,186 firms that collapsed in the year from August 2008 to July 2009.
The number of companies unable to continue trading in England and Wales rose by 16 per cent year-on year as tough conditions took a toll.
A total of 2,191 were unable to pay their debts in July, 300 more than in July 2023, but that total was down by 7 per cent on June’s figure, the Insolvency Service reported.
Insolvencies in July consisted of 320 compulsory liquidations, the highest monthly number since before the
