The total figure was up 40% compared to the same time last year when there were 1,825 insolvencies as companies were protected by various covid related support measures. There were 1,685 company insolvencies in April, highlighting the deteriorating economic situation.

The rise in insolvencies was seen across most sectors, with manufacturing seeing the largest number of closures. However, retail, hospitality, leisure and construction are still under pressure.

There were 2,181 creditors’ voluntary liquidations (CVLs), which was 38% higher than in May 2022, which stood at 1,586. The number of administrations and company liquidations was higher than in the same period last year.

The number of compulsory liquidations jumped to 189, which was 34% higher than the number last year.