Corporate insolvencies in 2024 could surpass last year’s thirty-year high, new forecasts suggest, with around 33,000 firms on the brink.
A new forecast from the Centre for Economics and Business Research (CEBR) suggests that Corporate Insolvencies in 2024 could surpass last years figures, which were already a thirty year high.
The number of companies is expected to be around 33,000, with more than 8,000 insolvencies per quarter in 2024.
Construction companies were the worst hit in 2023, although both retail and hospitality were an extremely close second in relation to Insolvency numbers.
Douglas McWilliams, deputy chair at CEBR, also argued that the companies going bust were not ‘zombie companies’, companies that earn just enough money to continue operating and service debt, but are unable to pay off their debt.
“The companies going bust in 2024 and 2025 are largely ones that got into financial trouble in the Covid years and have never really escaped,” he said.
