Corporate insolvencies hit four-month high in August, says Azets

Nick Cusack, director and insolvency practitioner at Azets, said compulsory liquidations also increased as creditors and HMRC pressed harder to recover debts. He pointed to heatwave-related trading pressures, rising costs and weak consumer spending, with retail, construction and hospitality particularly affected, and noted signs of distress spreading to higher-end brands.

Cusack said firms were also anxiously awaiting next month's Budget after previous tax and wage rises eroded profits, and urged struggling businesses to seek advice early to preserve more options.