Annual jump of 25% in personal insolvencies in England and Wales in November

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The number of people going financially insolvent across England and Wales was 25% higher in November this year than in the same month in 2023, according to Insolvency Service figures. “We urge anyone who is worried about their financial situation to seek advice as early as possible.” Today’s gloomy update on company insolvencies underlines the difficult tightrope that many businesses currently need to navigate Mark Ford, Evelyn Partners The number of registered company insolvencies in England and Wales was 1,966 in November 2024, 13% higher than in October 2024 and 12% lower than the same month in the previous year. Mark Ford, a partner in the restructuring and recovery team at professional services firm Evelyn Partners, said: “Today’s gloomy update on company insolvencies underlines the difficult tightrope that many businesses currently need to navigate.” He added: “Unfortunately, as we head into 2025 businesses are unlikely to see the challenging trading conditions easing anytime soon. “Businesses in these industries will be hoping for a good final week of trading before Christmas to put them in good stead for the typically challenging start to a new year.” John Cullen, business recovery partner at Menzies, said: “Despite inflationary pressures easing, retailers are running out of options to secure their bottom lines amid the growing popularity of ecommerce and a seemingly never-ending period of high costs.”