The Insolvency Service has released corporate insolvency statistics December 2021 and the figures reveal that the number of companies going into liquidation in December 2022 were 20% higher than December 2020 and 33% higher than in 2019, before the pandemic. The report shows that in England and Wales there were 1,365 Creditors’ Voluntary Liquidations (CVLs), which 73% higher than in December 2019.
Samantha White, CEO of My Credit Controllers, said
" As insolvency rates rise the chance that your business is caught with a bad debt go up too, so these latest figures are bad news. Business owners and managers should take steps now to protect themselves from this expensive risk. The simplest way to do this is to collect payments from customers quickly without letting sums in arrears build up. If you need help with this, please get in touch as our services will quickly do this for you. "
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