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An analysis of the property market and predictions for the rest of the year
Despite socio-economic challenges and fluctuating interest rates impacting the UK property market, the property sector starts to show signs of recovery, although experts continue to warn about ongoing economic uncertainties.
Corporate Insolvency Figures for 2023
The Insolvency Service has released the official statistics from 2023, which confirm the total number of corporate insolvencies for the year exceeded 25,000 for the first time since 2009. The total failures amount to 26,595.
This total has been broken down by procedure below:
- 21,4334 Creditors Voluntary Loans (CVL’s)
- 3318 Compulsory Liquidations
- 1,633 Administrations
- 210 Company Voluntary Agreements (CVA’s) and other
The construction sector was the worst hit in 2023, suffering the most failures and accounting for 17% of the corporate insolvencies. Both hospitality and retail where next in line, with obvious reasons being due to reduced consumer spending, and finally manufacturing and professional services were 4th and 5th.
The number of company insolvencies in December 2023 was 2% higher than the number in December 2022.
It’s not surprising that company insolvencies remain high, and figures certainly demonstrate that businesses across a variety of sectors are struggling.
Stakeholders at the sharp end of business risk, such as credit insurers, are predicting another rise in insolvencies this year but at a lower rate of escalation. The reason for this is due to economic uncertainty, low growth and high interest rates.
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If you are worried that your business is in financial distress, contact us on 0161 358 0210 for free, no obligation advice.
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