Construction insolvencies up one third on last year

By Daniel Gayne2023-07-19T12:15:00

Rise in late and failed payment claims suggest situation could get worse

Increasing numbers of construction companies are going bust as a result of high inflation and interest rates – and the most recent statistics for late payment claims suggest it could get worse.

According to the Insolvency Service, 471 construction firms went under in May, a 34% increase year-on-year and the highest number in recent years.

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