Fall recorded in business insolvencies
Commercial insurance
11th November 2009
Latest business failure figures indicate that the rate of closures appears to be slowing in England and Wales.
Data from the Insolvency Service showed a 4.7 per cent dip in the amount of compulsory and creditors' voluntary liquidations taking place during the third quarter of 2009 compared with the previous three months.
This is the first time the rate has fallen over the past year, although the total number of 4,716 such cases was still 14.6 per cent higher than the same period of 2008.
Insurance for business customers may also be interested that Ernst & Young UK and Ireland head of restructuring Liz Bingham told the Wall Street Journal that the data was evidence of "a greater readiness from lenders to show forbearance and to explore other options with distressed companies".
The Insolvency Service operates under a number of pieces of legislation and has 38 offices across England and Wales, administering and investigating related cases.
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