Company insolvencies rise steeply in Q3 2008

Businesses heading into insolvency increaes by over 10% during the third quarter of 2008.

By News Desk
7th November 2008 at 13:21

Insolvency figures mean shops are closing downThe number of companies heading into voluntary or compulsory liquidation in England and Wales rose steeply during the third quarter of 2008.

Official figures from the Insolvency Service reveal 1,483 compulsory insolvencies, up 10.9% on the previous quarter and 16.1% on the same period the previous year.

A similarly steep rise was recorded for companies going into liquidation on a voluntary basis.  A total of 2, 518 chose to close down during the third quarter, up 10.2% on the previous quarter and 32.2% compared to the third quarter in 2007.

[Picture credit: subberculture @ Flickr]

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