The Insolvency Service has released corporate insolvency statistics to March 2022 and the figures reveal an alarming spike in the number of companies going bust. The number of businesses going into liquidation in March 2022 was more than double the number in March 2021 and 34% higher than the pre-pandemic figure from March 2019.
In England and Wales 2,114 businesses went into liquidation in March 2022, with 1,844 Company Voluntary Liquidations (CVLs) - 109% higher than March 2021. The figure for the whole of Q1 was more than 5,000 insolvencies.
Samantha White, CEO of My Credit Controllers, said
" These figures underline the fact that the business environment has become challenging for many businesses that enjoyed government support through the Covid19 lockdown, but this support has been withdrawn while rampant inflation is driving up input costs for many businesses. If you suspect that among those that owe you money there could be some struggling businesses, then now is the time to act before it is too late and they go into liquidation. Get in touch to see how our services can help you bring in your money quickly. "
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