The number of corporate insolvencies in the North East has fallen slightly in the first three months of the year but remains at worrying levels, industry experts say.
Official insolvency figures revealed a 3.7% quarter-on-quarter fall in the number of corporate insolvencies across England and Wales between the final three months of last year (5,969) and the first three months of 2023 (5,747). But the figures were significantly higher than the same period in 2022, 2021 and 2019.
The Insolvency Service statistics showed that the number of corporate insolvencies across England and Wales between January and March was the highest first quarter figure in more than a decade. The number of firms being put into liquidation through Creditors’ Voluntary Liquidations (CVLs) remain close to their highest level in more than six decades.
