2024 business insolvencies expected to rise as pandemic support fades and pandemic lows recover.

Business insolvencies are expected to remain elevated in 2024 as the economy recovers from pandemic lows, according to experts. Historically low filings during the pandemic have created a "catch-up" situation, and government supports that previously kept business insolvency levels low are now waning. In 2023, insolvencies saw a 41.4% increase compared to 2022, and a 31% increase compared to 2019. The trend of increasing insolvencies is expected to continue into 2024.