The Intermediary: Total number of individual and company insolvencies rise in February, data reveals:

For individuals, the total number of insolvencies in February 2024 was 10,136,23% higher than in the same month in the previous year, the latest official company and individual insolvency data has revealed.

Harps Garcha, Director at Brooklyns Financial added: 

"With the cost of living and inflationary challenges faced by both individuals and businesses, this grim report was a given. High interest rates have not helped.

"Sadly, these numbers will continue to grow in the coming months, even though the latest GDP figures showed technically we are out of recession.

"Most consumers have exhausted any savings that were accumulated during COVID-19 and have now turned to other means of credit, which will also soon come to an end. People and businesses alike are running out of road."

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