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The number of companies going bankrupt this year is on track to be the highest since the depths of the financial crisis in 2009, according to the latest figures from the Insolvency Service.
Insolvencies rose 10% from a year ago in the three months to the end of September.
There has also been a sharp rise in the number of firms at risk of going out of business.
The figures show that between 1 July and 30 September 2023, there were 6,208 company insolvencies, made up of 4,965 creditors' voluntary liquidations (CVLs), 735 compulsory liquidations, 466 administrations, 41 company voluntary arrangements (CVAs) and one receivership appointment.
Suren Thiru, Economics Director at the Institute of Chartered Accountants in England and Wales (ICAEW), said: 'Insolvencies remain close to levels seen in the aftermath of the global financial crisis and are only slightly down from the previous quarter's 14-year high.
'ICAEW's own Business Confidence Monitor (BCM) suggests that business conditions are deteriorating as the squeeze from weakening customer demand and higher interest rates more than offsets a boost from easing inflation.
'With our forward-looking measures of domestic activity, employment and investment intentions also disappointingly downbeat, company insolvencies could well start rising in subsequent quarters.'
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