In 2024, there were 23,872 company insolvencies, with a rise in company voluntary arrangements (CVAs) to 202, the highest figure since the first year of covid, as businesses looked for rescue options. The majority of collapses were down to compulsory liquidations at 18,840, although this figure was 8% down year on year.

Company insolvencies might have been down slightly from 2023’s 20-year high of 25,163, but the 2024 figure was still ‘high relative to historical levels’, the Insolvency Service said, with ‘the worst hit sectors accounting for almost 80% of company insolvency numbers’.

Construction was once again in the doldrums with December 2024 figures showing that 17% of collapses affected building companies and related suppliers with 4,201 insolvencies, while wholesale and retail, including car repair and servicing garages, were a close second with 15% of failures.