It’s good to see that the number of insolvencies occurring in the UK continues to remain low, with the insolvency rate remaining at 0.08% for the fourth month running (down from 0.09% in May 2012), according to the latest Business Insolvency Index from Experian.
The figures show that the insolvency rate fell in seven out of the eleven government regions in May 2013 – a major improvement on the same month in 2012, when just one region (Yorkshire) saw an improvement on the previous year.
Insolvencies in the North East fell from 0.14% in May 2012 to 0.11% in May 2013. Figures in Scotland continue to be particularly good, with insolvency rates staying at 0.03% for the sixth month in a row.
Of the UK’s top five biggest industries, hotel/leisure and building/construction were the most improved – with insolvency rates falling from 0.16% and 0.18% in May 2012 to 0.11% and 0.14% respectively in May 2013.
In addition, non-food retailing had a good month, falling from 0.16% in May 2012 to 0.12%. Unfortunately, the same cannot be said for the IT industry, which saw an increase in its insolvency rate from 0.06% in May 2012 to 0.09% in May 2013.
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