This article originally appeared in Insurance Day, March 2025.
In January, the Insolvency Service issued its annual summary of company insolvency statistics, which revealed the number of company insolvencies registered in England and Wales in 2023 (25,164) was the highest annual number since 1993 and, while 2024 saw a slight decrease in this number (to 23,880), the number of company insolvencies remained high relative to historical levels.
In particular, the construction industry experienced the highest number of insolvencies in the 12 months to November 2024, with the retail and manufacturing industries also appearing in the top five.
Continuing high rate of insolvencies likely to see more claims against firms
In these circumstances,…
