The number of company insolvencies in England and Wales reached its highest quarterly level in 13 years in the three months to the end of June (Q2), driven largely by creditors’ voluntary liquidations (CVLs), according to the Office for National Statistics (ONS).

There were 5,629 insolvencies in the second quarter, the highest since 2009. However, this was still lower than the peak of 6,943 reached in Q4 2008, during the global financial crisis.

The rate of company insolvencies in Q2 is 46% higher than the average quarterly figures recorded for England and Wales over the four years before the coronavirus pandemic.