Business Insolvencies at their highest since 1993

More businesses entered insolvency last year than at any point since 1993, as higher interest rates weigh on UK firms, official data shows.
The Insolvency Service said 25,158 companies were declared insolvent last year, up from 22,123 in 2022.
But the proportion of firms going bust was not as severe as during the 2008 global financial crisis, owing to more companies in existence, the government agency said.
Oliver Collinge, a director at restructuring and insolvency firm, PKF GM, said: ‘Th