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