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The number of company insolvencies in England and Wales has risen by 40% year-on-year, as more firms are forced under by tough economic conditions.

There were 1,691 company insolvencies in June, the Insolvency Service reports, up from 1,207 in June 2021. That’s also 15% more than before the pandemic, although lower than in May.

Most of June’s insolvencies (1,456) were Creditors’ Voluntary Liquidations (CVLs), in which a firm takes the decision to be liquidated because it can’t pay its bills.

But there were also 3.6 times as many compulsory liquidations in June 2022 as in June 2021, and the number of administrations was 2.3 times higher than a year ago.

theguardian.com