Construction stays the worst-affected market for insolvencies, according to the mostcurrent authorities regularmonthly figures.
Data launched today (18 October) by the Insolvency Service exposed the building market continues to see the mostsignificant number of administrations and liquidations by sector, with 4,310 companies collapsing in the 12 months to 31 August 2024.
This corresponds to 17 per cent of all UK company collapses, the Insolvency Service stated in a declaration.
Retail and wholesale companies were the 2nd and 3rd worst-hit sectors, followed by car repairwork companies.
All-industry figures revealed there were 1,973 signedup business insolvencies in England and Wales last month. This was 2 per cent greater than in August 2024 (1,943).
The Insolvency Service’s information tables did not consistof a breakdown of sectors for September.
The highest-profile buildingandconstruction casualty last month was ISG, with 8 of its subsidiaries going under.
Jo Streeten, handling director at Aecom (Building & Places), stated: “The fallout of ISG’s collapse, and its prospective effect on the supply chain, stays the significant watch throughout the market, with insolvency levels staying constantly high within constructi