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Business insolvencies down

There has been a 4.7% decrease in company insolvencies compared to quarter two according to a report issued by the Insolvency Service today.

The report said there have been 4,716 compulsory and voluntary company liquidations in the third quarter of 2009. This is a decrease of 4.7% on last quarter but an increase of 14.6% on the same period last year.

In the year ending quarter three 2009 approximately 1/114 English and Welsh companies went into liquidation compared with 1/120 the year before.

Compulsory liquidations were down 9.8% on the previous quarter and down 12.9% on the corresponding quarter of the previous year.

Creditors voluntary liquidations were down 2.6% on the previous quarter but up 30.2% on the corresponding quarter of the previous year.

There were also 1,578 corporate insolvencies in the third quarter of 2009 an increase of 9.3% on the corresponding period of the previous year.

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