Businesses entering liquidation in South Lanarkshire at four-year high

dailyrecord.co.uk:

The number of businesses entering liquidation across South Lanarkshire hit a four year high last year.According to new figures from the Shared Data Unit, the number of local businesses that went into voluntary liquidation in 2022 was 32.In 2019, the number of companies entering liquidation was 11, in 2020 it was nine and in 2021 it was 26.The Lanarkshire Live app is available to download now.

Get all the news from your area – as well as features, entertainment, sport and the latest on Lanarkshire’s recovery from the coronavirus pandemic – straight to your fingertips, 24/7.The free download features the latest breaking news and exclusive stories, and allows you to customise your page to the sections that matter most to you.Head to the App Store and never miss a beat in Lanarkshire - iOS - Android And nationally, Scotland saw the biggest rise of insolvencies across the UK with 150 per cent.Liquidation is the process of bringing a business to an end and distributing its assets to the people and businesses it owes money to.It tends to happen when a business is classed as insolvent, which can be when a company cannot afford to pay its bills or its assets are worth less than its net debts.And voluntary liquidations, which are the most common type of insolvencies, happen when the company owners have voluntarily placed the business into liquidation.There are a few reasons as to why so many businesses went into liquidation across South Lanarkshire last year, including the conflict in Ukraine which pushed up the price of both oil and grain, increasing costs for businesses, as well as soaring fuel costs and drastically higher energy bills.