The number of businesses becoming solvent in fell by a third in July year-on-year, raising hopes that the UK can continue its economic recovery.
According to figures from credit reference agency Experian, 1,542 UK businesses failed last month, 33% fewer than the 2,312 insolvencies recorded in July 2009.
This equates to an insolvency rate of 0.08 per cent of the business population in July 2009, compared to 0.12 per cent the year before.
All business segments bar the largest companies, with more than 500 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.
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