According to the global risk and financial advisory, there have been 522 administrations since the beginning of 2022, averaging at 75% per month — 36% higher than 2021 on a pro-rata basis.

In July alone, 75 businesses entered administration, albeit lower than the previous month and the year’s peak in March.

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So far, the sector most affected by this has been construction, with 76 administrations this year to date, closely followed by manufacturing (72) and real estate (60).

Based on this trajectory, Kroll projects the UK could reach up to 895 administrations in 2022, up from 659 in 2021.

However, this would be below pre-Covid levels in the first half of 2020 (1,222 on an annualised basis) and 2019 (1,392).