UK company insolvencies hit highest since 2009

The number of company insolvencies in England and Wales hit its highest level in the April-June period in nearly 13 years as surging energy prices took their toll on business, data showed on Friday.

Insolvencies fell in 2020, when the government rushed to help businesses survive the coronavirus pandemic, but they have risen since 2021, the Office for National Statistics said.

Company insolvencies in the second quarter of 2022 reached 5,629, the highest since the third quarter of 2009, the ONS said.

Last month Germany reported a 26% annual rise in insolvencies in August, and said it would temporarily relax requirements for companies to demonstrate that they were viable in order to keep more businesses afloat.