New data reveals corporate insolvencies have hit a 10-year high, with regional bodies hoping Suffolk can "remain resilient" amid an "uphill battle" for East Anglian businesses.

The Eastern branch of insolvency and restructuring body R3 has suggested that company directors are opting to close their businesses due to failing confidence in their ability to trade in the current economic climate.

Latest government statistics for England and Wales highlight an 81.3% year-on-year increase in business insolvencies in the second quarter of 2022 - this figure has risen from 3,105 over the same period in 2021 to the current total of 5,629.

A Suffolk Chamber of Commerce spokesman said: "Whilst the increase in company insolvencies is concerning, the vast majority of Suffolk companies remain resilient.

"Suffolk Chamber of Commerce is campaigning for help for businesses as well as households, with rising energy costs. Helping businesses to control their costs will ensure that more businesses remain resilient to continue trading and providing jobs."

Across England and Wales, Creditor's Voluntary Liquidations have reached their highest recorded figure of 4,908, indicating that many directors are opting to close their businesses due to increasing economic pressures.

R3 Eastern chair and founding principal of AMB Law in Ipswich, Alistair Bacon said: "The steady rise in Compulsory Liquidations since the start of the year suggests that creditors are now making use of their power to issue winding-up petitions to try and claw back monies they are owed."

Mr Bacon insisted that, despite "unexpectedly positive" GDP figures in May, "now is not the time for complacency".

He added: "The current economic headwinds are only likely to worsen before they improve and this will lead to East Anglian companies having to overcome a tough second half of this year."

Household disposable income has dropped for the eighth consecutive month in June and Mr Bacon theorises that the prioritisation of household bills, soaring utility costs, supply chain issues, rising interest rates and a tight labour market will create "an uphill battle" for many businesses.

He warned that these latest statistics should be a "timely prompt" for any company director struggling with cashflow, adding: "objective advice should be sought from a qualified, professional source to decide the best path forward - and the earlier this is done, the better".