Peterborough had more than double the rate of insolvencies than its nearest rival Sunderland, and three times the rate in Bolton, R3 said.
Most of the insolvencies in these regions were from companies that had been trading for less than two years, and there was also some good news as these areas also experienced high numbers of new start-up ventures.
R3 compiled its survey by looking at all the financial documents filed at Companies House January 2002 and June 2003, looking for every recorded insolvency between these dates.
They found that banks accounted for only 5% of insolvencies, with loss of market share the biggest reason for collapse.
The worst sector was the service industry, accounting for 50% of all failings.
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