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Businesses are holding up well in difficult times
publication date: Aug 19, 2010
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author/source: Robin Roberts
The latest Insolvency Index from Experian, the global information services company, has revealed a year-on-year fall in business insolvencies during July. Figures show 1,542 UK businesses failed last month, 33 per cent fewer than the 2,312 insolvencies recorded in July 2009. This equates to an insolvency rate[1] of 0.08 per cent of the business population in July 2009, compared to 0.12 per cent the year before. At 80.93, the financial strength score[2] of UK businesses in July was marginally higher than the 80.61 recorded in July 2009, and up slightly on June 2010 (80.83). However, it remains down on the 12 month high of 81.37 recorded in December 2009. All business segments bar the largest companies (501+ employees) saw insolvency rates fall year-on-year, with the biggest improvements being amongst 101 – 500 employee companies. This segment saw 30 insolvencies in July 2010, 56 per cent fewer than in July 2009. Max Firth, Managing Principal of pH, an Experian company, said, “July’s data indicates that the SME population is faring much better in terms of insolvencies than it did this time last year, however, increasing failures at the top end of the market demonstrates clearly that there is a still a great deal of uncertainty. "Given this ever changing picture, it is vital that organisations ensure they understand and proactively manage the risk that those they do business with exposes them to.” |
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