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

Dariusz Karpowicz, director at Albion Financial Advice:

“The latest insolvency numbers hit like a gut punch, underscoring a brutal truth.

“With living costs skyrocketing, wages barely budging, and mortgage rates through the roof, the financial vice is tightening for many.

“February 2024’s stats throw cold water on any optimism, revealing a 23% spike in personal financial crashes and a 17% leap in business busts compared to last year.

“The surge in Debt Relief Orders and Voluntary Arrangements? A distress signal from individuals gasping for financial air. And the uptick in business liquidations and administrations?

“A grim tally of enterprises that couldn’t weather the storm. It’s a wake-up call for targeted relief, and it’s needed now.”