
The Economy: 14. Bankruptcy and Insolvency
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How Many Bankruptcies and Insolvencies Do You Know?
In England and Wales together, more than 20,000 businesses went insolvent in the first 11 months of 2022. That is 60% higher compared with the same period in 2021. Bankruptcy is a signal of might the economy be going into recession or not? And it's a good canary in the cage, if you like, for what might be happening to the economy as a whole. In 1542 Henry VIII introduced the statute of bankrupts. This gave the authorities permission to forcibly remove the property of anyone who'd fallen into sizeable debt.
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