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Insolvencies increase

Insolvencies increase

The number of company insolvencies in England and Wales rose to 1,228 in December, data from the Insolvency Service reveals. This is up by 9.2% on December 2019 and marks the first increase since February, with Government support rolled out amid the coronavirus crisis helping prevent a number of company failures – with temporary restrictions on winding-up petitions also playing a part. Colin Haig, president of insolvency and restructuring trade body R3, said: “These figures show that the economic impact of the pandemic may now finally be pushing increasing numbers of struggling businesses and individuals over the line into formal insolvency”. The Insolvency Service said: “It is too soon to tell whether this represents an emerging trend.” Elsewhere, company insolvencies in Scotland fell by 36%, while Northern Ireland recorded a 79% decline. Data on personal insolvencies reveals a 38% increase in England and Wales over the last three months compared to the same quarter in 2019.

Read more: The Times


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