The number of company insolvencies in England and Wales increased by 6% in February 2023 to a total of 1,783 compared to 1,682 in January and were up by 17.5% compared to last year’s figure of 1,518, according to the Office for National Statistics (ONS).  However, the deterioration in the economy meant that insolvencies are now 59% higher than pre-pandemic.

Corporate insolvency numbers were also 160% higher at 1,505 compared with last February’s total of 685, driven largely by a rise in creditors’ voluntary liquidations (CVLs).

Following three years of lockdowns, supply chain issues, rising costs and falling revenues, many businesses have been forced to close their doors, as trading conditions remain tough.