Business insolvencies soared 31% in May compared with the same month last year, after 29% in April, according to data from Informa D&B, which show that last month 699 companies were forced to request the former suspension of payments compared with 532 in May 2022, recording the highest figure so far this year.
Between January and May, the number of companies in insolvency proceedings was 2,585, slightly lower than the 2,605 proceedings registered in the same period last year. However, this is a misleading figure, as the comparison is distorted by the strike by court lawyers, which lasted throughout February and March and caused the registration of insolvency applications in the courts to be practically frozen during this period. In other words, it artificially masked a phenomenon that is expected to increase in the coming months as these postponed processes come to the surface.
