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Over 1,000 insolvent liquidations forecast as a result of Covid-19, double the amount last year

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'Retail, hospitality and professional service companies were among the sectors which were likely to run into difficulty.' (Stock image: Joe Giddens/PA)

'Retail, hospitality and professional service companies were among the sectors which were likely to run into difficulty.' (Stock image: Joe Giddens/PA)

PA

'Retail, hospitality and professional service companies were among the sectors which were likely to run into difficulty.' (Stock image: Joe Giddens/PA)

There are likely to be more than 1,000 liquidations of insolvent companies this year, compared with 426 in 2019, according to insolvency experts.

As a result of Covid-19, there are hundreds and possibly even thousands of 'zombie' or insolvent companies still in operation, according to Declan de Lacy of PKF O'Connor, Leddy & Holmes.

Liquidations have ground to a halt over the course of the pandemic restrictions, but they will accelerate significantly in the coming months.