Number of Firms Going Bust More Than Trebles

As economic conditions worsened in the last three months of last year, the number of firms going bust more than trebled compared with the same period in 2007.

According to the Insolvency Service, in the last quarter of 2008 there were 2,428 corporate insolvencies - such as firms going into administration or receivership. This was up 220% on the fourth quarter figures for the previous year.

The number of people who were made bankrupt or who entered into an individual voluntary arrangement went up to 29,444 – an increase of 19% over the same period in 2007. 

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