DTI figures revealed that 3,398 companies went under in the third quarter of 2003, compared with 3,825 in the previous quarter, a decrease of 11.2%.
This was also a significant improvement on last year, when 3,882 companies went bust during the same period, or a change of 12.5%.
However, personal insolvencies grew by 4.1 on the quarter, up from 8,738 to 9,094, and by a massive 16.9% on the year – just 7,779 individuals went insolvent for the same period last year, highlighting the massive personal debt problem in the UK.
Yesterday’s decision by the Bank of England to increase the rate by 0.25% to 3.75% is aimed at reducing personal borrowing.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children