Company insolvencies have hit their highest level in a decade.
The Insolvency Service said that between April and June, 5,629 companies became insolvent – a 13% rise on the same period last year. Not since the third quarter of 2009 have more companies gone bust.
Of the insolvencies, 90%, or 4,908, were creditors’ voluntary liquidations, when directors start winding down their business. The Insolvency Service said that was the most CVLs it had known in any quarter since it started recording such data in 1960.
