Business insolvency fell in July, new figures reveal

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Business insolvency fell in July, new figures reveal /resources/news/insolvency/1709-Business-insolvency-fell-in-July,-new-figures-reveal

Home > News & Resources > News > Insolvency > Business insolvency fell in July, new figures reveal

Business insolvency fell in July, new figures reveal

New research has revealed that business insolvency fell in July, particularly among small to medium-sized enterprises (SMEs).

Figures published by Experian showed that 1,542 British firms failed last month, down by 30 per cent year-on-year.

The financial score of companies was also found to have improved on July 2009, with a value of 80.93 as opposed to 80.61.

Max Firth, spokesperson for Experian, explained that while SMEs in particular are suffering less as a result of insolvency, there is still uncertainty.

"Given this ever-changing picture, it is vital organisations ensure they understand and proactively manage the risk that those they do business with exposes them to," he added.

In March this year, a survey by trade organisation R3 found that 28 per cent of SME owners were worried about insolvency should Britain slip into a double-dip recession.

R3 president Peter Sargent said anyone who is worried their firm may be on the route to insolvency should seek help from an expert sooner rather than later.

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