Experian reveals 8.7% fall in overall UK business insolvencies for October
The number of insurance company insolvencies last month dropped by 68% year-on-year, the latest report by Experian has revealed.
The BusinessIQ Insolvency Index revealed that eight businesses failed in October.
Meanwhile, there was an 8.7% fall in the number of business insolvencies across the UK to 1,685 last month.
That equates to 0.08% of the business population stopping trading in October this year, compared to 0.10% for the same month last year.
The only year-on-year increase in the rate of insolvencies was larger firms - those with more than 501 employees - which saw a rise from 0.13% in October 2011 to 0.20% last month.
Experian Business Information Services UK and Ireland managing director Max Firth said: “Following the peak in March this year at 0.11%, the insolvency rate fell to 0.08% and has remained fairly steady each month since.
“It shows that insolvencies are indeed stabilising, but the increase during October in large business failures highlights the need for ongoing monitoring of all clients and suppliers, regardless of size.”
He added: “It’s good to see that some of the bigger improvements were among the mid-sized firms that typically tend to suffer the most due to their size.”
No comments yet