A record 26 firms went into administration in the year to June 2024, records show, underlining the increasing struggles for companies to stay afloat in a tough business environment underpinned by stiff competition, high taxation, and increasing interest rates.
Company administration is a process where an insolvency practitioner is appointed to restructure a business by ensuring that it is a going concern with the aim of either turning it into a profitable entity or effecting a sale of the business to preserve its value.
