Company insolvencies in England and Wales reached their highest level since 1993 last year according to The Insolvency Service, a government agency.
Figures showed 25,158 companies entered into a form of insolvency in 2023. The number of company insolvencies was the highest annual number since 1993.
A number of leading accountancy firms and insolvency practitioners have this month warned that a significant number of companies across the UK are facing the threat of insolvency in the months ahead, due to a combination of macroeconomic factors.
He said, “We are experienced in working with companies, and their owners and directors, when they are presented with such challenges.
“We can of course advise those who have reached the point of insolvency, but we are equally well versed in working with those who are not yet at this stage, to help them examine all available options, including refinancing or restructuring and the sale of a business or its assets.
“Equally, much of our work involves advising organisations and individuals whose customers, suppliers or others who may owe them money, are financially distressed or have entered a formal insolvency process.
“We also work with companies that are currently on a sound financial footing, to help assess and mitigate their future risk by having the right contracts and agreements and procedures in place.
The key point to remember when faced with any form of insolvency issue is to seek early and expert advice.”