Service firms drive jump in insolvency levels as business costs bite

Business failure and restructuring levels have been ticking upwards since the end of the pandemic, as many State-introduced life support measures for so called unviable ‘zombie’ companies were wound up

Insolvency levels have not yet outpaced the peak reached in 2012 following the banking crisis.

Small firms in the hospitality and retail sectors continue to be squeezed as business costs take their toll, new insolvency figures show.

Two separate sets of data showed insolvencies are set to rebound to levels recorded before the pandemic, driven by business failures in the service sector.