Corporate insolvencies to rise this year

CORPORATE INSOLVENCIES will increase this year, according to credit risk analysts Graydon UK.

Although business insolvencies are due to decrease 6% in the second quarter compared to the same period a year ago, a 3% increase on the first quarter of the year.

Marketing director at Graydon UK Gordon Skaljak said: “This is the first indication of the long expected upward swing in businesses failures that has traditionally followed a downturn.

HM Revenue & Customs has also announced that it will not publish figures on the [tax deferral] Time to Pay scheme after July, indicating that perhaps the scheme is winding down and the removal of this support is likely to make it increasingly difficult for businesses to keep their heads above water.”

Related reading