UK Company Insolvencies Hit 30-Year High in 2023

Rising costs, interest rates, and the cost of living crisis contribute to the highest number of company insolvencies since 1993.

More than 25,000 company insolvencies were registered in 2023, the highest number since 1993, as firms struggled with rising costs and interest rates.
Companies faced higher energy bills, while consumer spending was squeezed by the cost of living crisis.
Scotland and Northern Ireland recorded the highest numbers of company insolvencies last year since 2012 and 2019 respectively.
Figures from the Insolvency Service showed the number of companies in England and Wales closing voluntarily rose 9% from 2022 to 20,577, which was the highest number since records began in 1960.
Experts say this year could be another difficult year for UK businesses too.