Card seller is latest victim as experts warn the insolvency dam has burst
January 31, 2023 7:50 pm
Card and stationary retailer Paperchase became the latest to fail when it went into administration on Tuesday. The retailer hired administrators after it was unable to secure a rescue sale. The Insolvency Service said the big increase in numbers was driven by the highest annual number of creditors’ voluntary liquidations – where directors voluntarily decide to close a firm down because it has become insolvent and cannot continue trading – since 1960.Experts pointed to the end of the Government’s Covid support measures as well as weak customer demand in some sectors. Construction,Personal insolvencies numbered 118,851, a rise of 8 per cent on 2021’s 110,044 figure.
Christina Fitzgerald, president of the insolvency and restructuring trade body R3, said 2022 was “the year the insolvency dam burst”.
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