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Wednesday
Jun162010

UK Business Insolvencies are Falling, According to Experian

Experian is perhaps best known for its services regarding credit reports.  But it also releases a regular Insolvency Index that takes into account the number of UK businesses that have become insolvent.  This is an area I have kept a close eye on since the recession took hold, as many businesses saw profits tumble and had to find ways to ride out the storm.  While some have obviously been more successful than others in this respect, there is no doubt that the recession was hard on everyone.

It was encouraging therefore to see the headline figure released in this report, which highlighted the number of insolvencies that took place in April this year as compared to April last year.  According to Experian’s report, there were 15.1% fewer companies becoming insolvent this April as opposed to last year.  This has to be encouraging for the economy as a whole, as it represents a big change year on year.  However I do feel that there is still a long way to go before businesses can truly breathe a sigh of relief and look forward to getting back to business in a more positive way.

I was also troubled to read that the North East of the country is still struggling the most, with insolvencies in that region peaking once again as the highest for the third month in a row.

We provide a range of tax, business and accountancy services at St Matthew, so if you are considering going into business or you want to dissolve your existing company, come and talk to us first for professional and discret advice.

 



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