Corporate insolvencies are set to peak at a higher level than the last financial crisis as companies struggle with inflation and falling demand, according to restructuring executives.
Company failures have already risen this year after government pandemic support ended, and corporate recovery specialists Begbies Traynor and FRP Advisory said on Tuesday that they expected further distress.
Ric Traynor, executive chair of Begbies Traynor, said the number of company failures could exceed the last peak in 2009. He said that unlike then, interest rates were now rising and making it more expensive for struggling companies to survive the recession.
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