Scotland Times

Saturday, Jul 20, 2024

UK company insolvencies hit new pandemic highs in November

UK company insolvencies hit new pandemic highs in November

Company insolvencies in England and Wales rose last month to their highest level since January 2019, surpassing pre-COVID levels for the first time, government data showed on Friday.
The Insolvency Service, a government agency, registered 1,674 business insolvencies in November, up from 1,410 in October. This comprises mostly voluntary liquidations of businesses, but also companies falling into administration and compulsory liquidations.

The volume of business closures dropped sharply last year, when many businesses were kept on life support by government COVID support programmes. Court capacity was reduced and creditors faced restrictions on taking legal action until recently, slowing the process of company dissolutions.

"Times are tough for businesses in England and Wales as the pandemic continues to take its toll on the economy and the firms that drive it," said Christina Fitzgerald, vice president of insolvency and restructuring trade body R3. "Over the last few weeks, businesses have been hit by the triple whammy of increased costs, supply chain issues and rising COVID cases."

It was a similar story in Scotland, where company insolvencies rose in November to their highest level since monthly records started in January 2019.

Related Articles

Scotland Times
UK Island Orkney council to look at proposals to become territory of Norway
Woman Awarded Over £100,000 After Being Fired for Transgender Tweet
A provocative study suggests: Left-Wing Extremism and its Unsettling Connection to Psychopathy and Narcissism
A Real woman
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Double standards: UK lawmakers attack EU chief over Ireland claims
Democracy? Not for UK. UK PM rejects Scottish independence referendum, cancel democracy in BVI
UK urged to brace for economic storm
Women's own body dissatisfaction appears to influence their judgment of other women's body sizes
Prince William To Move Family Into Cottage Near Queen Elizabeth II
BOOOOOOS: Tony Blair receives royal honour
Captured Britons sentenced to death in Ukraine
Barbados PM Mia A. Mottley among Time Magazine’s 100 Most Influential People
Today's headlines
"Just One Of the Boys In School:" Years That Shaped Prince Charles
BVI Premier Rubbishes Claim Of Causing COI Delay
Comments on "Human Intelligence in a Digital Age" - A brilliant Speech by MI6 Chief Richard Moore, and the elephants neglected in the room
Bitcoin: BoE Deputy Gov wants to cancel democracy and protect the banks with regulations which infringe on people’s freedom, independence and benefits they get from their own money.
What are the Pandora Papers?
Taiwan-China relations at their 'worst in 40 years'
The attempt to hold accountable for the content of its clients' websites is like blaming Gutenberg for the NYT's fake news that dragged the US into the pointless war against the nuclear weapons Iraq never had