Increase in corporate insolvencies
The Guardian reported in mid-September that according to Government data the number of companies in England and Wales that entered an insolvency process jumped by 43% in August 2022 when compared to the figures in August 2021.
There were 1,933 insolvencies in August 2022, compared with 1,348 in the same month last year. The Insolvency Service said it was 42% above the level in August 2019, before the Covid-19 pandemic hit.
138 winding-up petition hearings were listed to be heard in the High Court during the week commencing 12 September 2022, 43 of which were brought by HMRC as the petitioning creditor.
Winding-up petitions are on the rise and with the cost of living and energy costs predicted to increase even further, this is a trend likely to continue into the autumn and winter