The corporate insolvency statistics for Q2 2022 paint a worrying picture for UK businesses.  With inflation at a 40-year high, fuelled by soaring gas and electricity bills, food prices and wage increases, the cost of living crisis is taking hold across the economy.

In the second quarter of this year, company insolvencies were up 13% on the first quarter, and 81% higher than in the same period last year. Continuing a recent trend, creditors’ voluntary liquidations (CVLs) remain the most common company insolvency procedure, with the highest number of CVLs since 1960 (when records began).

Interestingly, despite historically low levels of administrations since the pandemic, business rescue now appears to be back on the agenda, with an increase of 95% in company administrations from Q2 2021 (and up 18% from the previous quarter).