News / Business by Press Association 25/02/2019, 12:03 am Send us a story Sign up to our Daily newsletter Taxpayers picked up the bill for a wave of insolvencies last year, with the cost of payouts to redundant staff rising by 31%. According to a Freedom of Information request made by real estate adviser Altus Group, a total of £298.07 million was paid out by The Insolvency Service to former employees of business which ran into trouble during 2018. It was the highest level for five years, with the high street crisis contributing to the increase. The number of retail insolvencies rose by 9.5% while insolvencies at food and beverage establishments were up 17.9%. Insolvency Service payments comprised £196.36 million of redundancy pay and £59.85 million in wages which would have been earned working a notice period. The rest went on holiday pay, unpaid wages, overtime and commission. This included companies which entered administration, liquidation, company voluntary arrangements (CVAs) or another form of corporate insolvency. However, despite a number of high-profile CVAs last year, which saw chains such as Prezzo, Carpetright and New Look shutter shops, the amount paid out to staff on account of the process was broadly flat… Read full this story
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