Companies in UK Are Hitting the Wall at Fastest Rate Since Global Financial Crisis

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by Nick Corbishley

As the price of everything, including debt, continues to soar, life is getting harder and harder for the UK’s heavily indebted businesses. 

Business insolvencies in the UK surged by 57% in 2022, to 22,109, according to the latest data from the Insolvency Service, a UK government agency that deals with bankruptcies and companies in liquidation. It is the highest number of insolvencies registered annually since 2009, at the height of the Global Financial Crisis.

Last year “was the year the insolvency dam burst,” said Christina Fitzgerald, the president of R3, the insolvency and restructuring trade body. Insolvencies peaked in the fourth quarter, underscoring the compounding pressures on companies grappling with surging costs and rapidly slowing economic activity…...more here

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