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Friday, 5 November 2010

Insolvency figures lower in Q3

The latest insolvency statistics from the government shows a fall in the number of corporate insolvencies.

Company liquidations came to 3,974, a 13.9% fall on the same time last year, and 2.2% down on Q2, Administrations came in at 633, a 35% drop on the same period in 2010.

This is encouraging news for the UK's struggling business community. However, as we reported earlier there has been a rise in the number of winding up petitions issued against companies in the last month.

The true impact of the VAT rise and the spending cuts will be felt throughout 2011, so we are not out of the woods yet. HMRC have made comments recently hinting that they will get tougher with businesses with tax arrears and banks are starting to take a hard line with companies that owe them money. Targetfollow, Leisure and Gaming plc, Maypole group plc the most recent examples.

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