Deloitte: Small number of business failures so far but lockdown will hit struggling firms

2021 will pose 'significant challenges for companies' 

There were 575 company insolvencies here last year, little changed from the 568 in pre-pandemic 2019 but the landscape is likely to worsen.

The number of business failures or insolvencies has so far increased by a small amount during the Covid-19 pandemic, but the latest lockdown will mean many more firms will struggle to survive, according to Deloitte.

There were 575 company insolvencies here last year, little changed from the 568 in pre-pandemic 2019, as Government subsidies and tax relief and warehousing of company debt, as well as aid for household incomes helped support the economy, it said.