Businesses received over £80 billion through government loans during the pandemic, Treasury data shows, amid weeks of involuntary closures during government-imposed lockdowns.
(Picture: Getty Images)The number of companies filing for insolvency in England and Wales has hit its highest level in over 12 years in the latest signal Britain could be headed towards a recession.
Over five thousand companies filed for insolvency between April and June 2022, figures from The Insolvency Service show, an increase of over 80% on the previous year and up 13% on the last quarter. The increase was led by a 74% jump in creditors’ voluntary liquidations, which is often used when companies sell off their remaining assets before shutting down altogether.
