Company insolvencies set to hit record high

The number of corporate collapses is on course to hit the highest level on record as interest rate rises kill off “zombie” companies and businesses still struggling after the pandemic. The number of registered company insolvencies in October was 2,315, 18% higher than the 1,954 collapses in the same month last year and higher than pre-Covid numbers. Corporate insolvencies are on track to reach 25,000, surpassing last year’s total of 22,128, according to analysis by accountancy group Azets. It said 20,865 companies had collapsed in the year so far. The worst year for insolvencies since records began was in 2009, when 24,036 companies went under. The Times (£)