Insolvencies registered in 2022 hit 22,109, the highest number seen since 2009 and 57% higher than in 2021, at 14,048.

The number of company insolvencies in England and Wales in the three months to the end of December (Q4) was driven largely by creditors’ voluntary liquidations (CVLs), which continued to go up following rising interest rates and high inflation.

Increases in insolvencies were seen across most industries in 2022 with construction the worst hit with 4,143 insolvencies, accounting for one in five company failures.

This was followed by the wholesale and retail (3,263), hospitality (2,704) and administrative and support services (2,212).