The number of corporate insolvencies in England and Wales rose to 16,090 in 2018, the highest level since 2014, while personal insolvencies jumped to a seven-year high of 115,229, according to the Insolvency Service.
On top of the above figures, it was found that 1,211 retailers collapsed last year and with consumer spending not predicted to change the future isn’t looking overly promising.
Further to this, we are reminded to remember that the figures did not take into the account the worst Christmas for shops in a decade. As this data was not released until early January. Lack of money and flatlining of wages is said to be leading to this stall in consumer spending and consequent increase in insolvency cases.
Brexit uncertainty is once again explained as being a leading factor around businesses holding off on investment decisions. Which is having a knock-on effect upon consumers and suppliers.
We are a licensed insolvency practitioner based in Plymouth, St. Austell, Truro and Penzance. If you need any advice regarding insolvency or related issues please get in contact with us.