Company insolvencies surge
The number of companies becoming insolvent has leapt by almost 10%, according to new figures published today by the Department of Trade and Industry.
There were 4,118 company insolvencies in England and Wales in the second quarter of 2002 – an increase of 7.6% on the previous quarter and a rise of 9.9% on the same period a year ago.
It means that one out of every hundred active companies became insolvent in the 12 months to June 2002, according to the Official Insolvency Statistics, widely considered to be the most comprehensive record of insolvencies and bankruptcies.
The number of individual insolvencies is also rising.
There were 7,903 individual insolvencies in England and Wales in the second quarter of 2002 – a rise of 13.1% on the previous quarter and an increase of 3.9% on the same period a year ago.