The number of North East firms collapsing into insolvency jumped by 50% over the last three months, latest figures show.
According to analysis by insolvency and restructuring trade body R3, there were 264 insolvency-related activities during the second quarter of the year, which followed on from 249 in the preceding three months. The total for this year’s second quarter is 50% higher than for the figure for Q2 last year (176).
Insolvency-related events – which includes liquidator appointments, administrator appointments and creditors’ meetings – reached 513 so far this year, compared to just 442 in the first half of 2022, a rise of 16%. Research into the new data, which was provided by CreditSafe, showed almost 12,300 North East businesses were holding over 150,000 overdue invoices on their books during June that should already have been settled. Both figures are in line with numbers for the preceding month.
