For the first time since lockdown measures were introduced, monthly insolvency filings were higher in 2020 than the same month a year before.
The Insolvency Service reported 1,228 registered company insolvencies in December 2020 with the bulk of those being creditors voluntary liquidations (CVL). Duncan Swift, past president at R3 says given the general mood of the industry this comes as no surprise.
The volume of inquiries and the nature of conversations are moving increasingly towards, implementing formal insolvency procedures, says Duncan Swift, past president at R3 The tide is turning.
However, Swift cautions against reading too much into one months data.
Whether this will be a sustained uptick in corporate insolvency number, its…
Read the full article at: https://www.accountancyage.com/2021/01/20/uk-insolvencies-hit-pre-pandemic-highs/