SBTC, ETR: 3 mins
Number of British businesses going bust hits four-year high.
A piece in the daily telegraph highlighted that the number of British businesses collapsing into bankruptcy hit a four-year high last year as one in every 213 companies fell into liquidation.
But it wasn’t just businesses feeling the strain last year. Data released by The Insolvency Service shows that the number of people in England and Wales who became insolvent jumped 9.4% compared with 2016 and more individual voluntary arrangements (IVAs) were taken out last year than ever before.
Carillion worth a £1bn in 2017, closed a year later worth £0bn. The British construction giant collapsed, becoming the UK’s biggest corporate failure in a decade.