There were 5,747 company insolvencies in England and Wales between January and March 2023 (Q1), around 4% lower than in Q4 2022, which totalled 5,969 – the highest number since mid-2009.

However, corporate insolvency numbers were 18% higher when compared to the same period last year, which stood at 4,884 – driven largely by a rise in creditors’ voluntary liquidations (CVLs).

The number of CVLs remained close to the highest quarterly level since the start of the series in 1960, comprising 4,739 in total.

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