NIBS: Insolvencies rise by 10%
Insolvencies in 2002 have risen by over 10%, the department of trade has revealed, illustrating the extent of the economic downturn in the UK.
The statistics show 12,240 personal and corporate insolvencies in the fourth quarter of 2002 compared with 11,104 at the same time last year. Company insolvencies rose the most on a year-on-year basis. In the fourth quarter of 2002, 4,323 companies went to the wall in England and Wales, rising almost 15% from 2001. Corporate insolvencies were up 11.1%.