Company insolvencies on the increase
As the UK economy faces a possible downturn, company insolvencies in the first quarter of 2001 have risen 8% compared to the same period last year.
The figures, published by the Department of Trade and Industry today, showed there were 3681 companies that failed in England and Wales between January and March of 2001.
However, the figures pointed to a slight decrease of 0.6% in insolvencies during the period compared to the fourth quarter of 2000.
Adversely, the number of individuals facing insolvency grew 2% compared to the last quarter of 2000. The figures, however showed a decrease of 2% against the numbers revealed in the first quarter of last year.