Insolvences at decade high
Insolvencies in England and Wales have hit their highest level in almost a decade, new research has revealed.
And further concern is growing after credit insurance group Euler Hermes predicts that insolvencies are set to increase even more.
The report showed that insolvencies rose 7.7% to 50,500 from the previous year with the main contributors to the rise being sole traders.
In the sole trader sector, insolvencies rose by 19% last year and accounted for almost two-thirds of the annual total.
Services, transport-communications and wholesale trading were the sectors hardest hit. Retailing and agriculture saw the biggest improvements.