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28 Sep 2010
UK corporate insolvencies will fall in the third quarter of the year, according to credit reference agency Graydon UK.
The drop in company failures in Q3 is likely to be 5.7% compared to the second quarter of this year and 6% lower than the third quarter of 2009.
Martin Williams, MD at Graydon UK, said HMRC's Time to Pay Scheme, which allows businesses to defer tax payments, has helped reduce the number of corporate insolvencies.
Williams predicts company failures will increase in early 2011 as the impact of public spending costs and rise in VAT take effect.
The Insolvency Service releases its official statistics on company failures for the third quarter on 5 November.
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