- Tuesday, 22 September 2009The number of UK business insolvencies increased year-on-year by 11.3 per cent in August.
Business owners whose companies are tied into their homes and personal wealth could potentially avoid bankruptcy by entering into an
individual voluntary agreement (IVA).
According to Experian, while there has been a year-on-year increase in the number of business insolvencies, July to August actually registered a decline.
In July, 0.11 per cent of businesses were declared insolvent compared to 0.09 per cent in August.
However, Peter Sargent, president of R3, suggested that this reduction is largely seasonal and that insolvencies are expected to increase for some time yet.
He said: "If things follow the pattern of previous recessions the number of business failures is still likely to increase for perhaps six maybe even 12 months, even if the economy starts to recover."
According to the insolvency service, the second quarter of this year saw a total of 5,055 compulsory liquidations and creditors' voluntary liquidations in England and Wales.
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