Company insolvencies increase to highest level since 2013

According to data from the Insolvency Service, during 2019 the total number of company insolvencies in England and Wales rose to its highest level since 2013.

The figures revealed that the increase was largely driven by a rise in creditors’ voluntary liquidations. Creditors’ voluntary liquidations reached their highest annual level since 2009.

‘These latest figures paint a bleak picture for the macro economy overall and temper the pre-Christmas optimism caused by the ‘Boris bounce’,’ said Michael Mulligan, Insolvency and Restructuring Partner at law firm Shakespeare Martineau.

‘In reality, growth continues to stagnate, and business and individuals are feeling the effects. There are thousands of zombie companies hanging on across a number of vulnerable sectors.’

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