Insolvencies in Wales have seen an increase over the last year.

Corporate insolvencies increased by 5 per cent in January 2024 to a total of 1,769, compared to 1,685 in the same month the previous year.

This was reportedly less than the 7.5 per cent hike in January 2023.

Personal insolvencies also witnessed a 4.3 per cent rise in January 2024, totalling 8,089 compared to 7,756 in January 2023.

However, this figure remains 17 per cent below the pre-covid pandemic levels of January 2019.

Wales Chair of R3 - the UK's insolvency and restructuring trade body - Tim Sloggett, said: "On the face of it, the declining year-on-year rate of growth of corporate insolvencies appears to be positive news.

"However, underpinning this is a decrease in Creditors’ Voluntary Liquidations (CVLs) and an increase in administration appointments."

He added: "Personal insolvency numbers rose year-on-year.

"This is not unexpected given the cost of living crisis, but interestingly volumes still remain below levels before the pandemic."