In her role as President of R3, Restructuring & Insolvency Partner Christina Fitzgerald recently spoke to The Times’ James Hurley, commenting on the recent rise in corporate insolvency figures.

Company insolvencies last month were 35 per cent higher than in the last pre-pandemic November, the clearest sign yet that economic strife is taking its toll on businesses.

There were 2,029 corporate insolvencies in England and Wales last month, which was also 21 per cent higher than a year before…

…Christina Fitzgerald, president of R3, the insolvency and restructuring trade body, said: “What we’re seeing here is a perfect storm of creditors pursuing unpaid debts and directors choosing to close down their businesses — either before this choice is taken away from them or because they have simply run out of road.

An increasing number of businesses are buckling under the strain of more than two and a half years of economic turmoil. Companies have been battered by the pandemic, rising costs, reduced spending and increasing inflation, and a growing number are now turning to an insolvency process to resolve their financial distress.”…

Read the full article in The Times here (subscription may be required)

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