Business insolvencies fall 13%
The number of companies that failed during June this year was fell to 1,771, down 13% from June 2009 when 2,044 firms became insolvent. As a result the year-on-year insolvency rate fell from 0.10% to 0.09% in June.
At 0.14% the North East had the highest insolvency rate of the regions in June. In contrast, at the opposite end of the country businesses in the South West saw a UK low of 0.07% while Greater London had an insolvency rate of 0.08%.
"June's data indicates that the UK's business community as a whole is stabilising, however it also points to the existence of a north versus south divide. Businesses in the north of England seem to be faring slightly worse than their southern counterparts across all industry sectors," said Rolf Hickman, managing director of pH Group, an Experian company.
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