When Covid hit this time last year, everyone feared the worst. I wrote about the “dash for cash” – the subtext being that companies finding themselves short of cash might end up bankrupt before long.  It didn’t turn out that way. The rate of corporate insolvency barely rose in 2020, according to analysis by accountancy firm Deloitte. Bankruptcies barely rose last year for two reasons. The first is the government spent a lot of money supporting businesses and their employees. The second is creditors chose to extend and pretend, rather than enforce on their debts.  Construction was the third hardest-hit industry…

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