The number of company collapses has hit its highest level since the global financial crisis.

With rising inflation and interest rates forcing directors to close their businesses, corporate insolvencies jumped by 57.3% to 22,109 last year, from 14,059 the previous year, as pandemic support was withdrawn, according to the Insolvency Service.

This was the highest number of company insolvencies since 2009 and an increase of 75% on the 12,632 insolvencies in 2020.