November 02 2015
According to statistics released by the Insolvency Service, the number of companies in England and Wales going into administration has fallen by 10% compared to the same quarter in 2014.
The government agency’s latest official figures for corporate failures show that a total of 3,539 companies went into insolvency in the third quarter of 2015, a drop of more than 4.4 percent drop compared to quarter 3 this year. These business failures represented 1 in every 216 companies going into liquidation in the 12 months ending September 2015.
Samantha White, CEO of My Credit Controllers commented:
“This reduction in insolvencies is welcome news, but the figure of 1 in 216 companies going into administration each year underlines the importance of keeping your debtor book under close control. The longer your debt is overdue, the more chance you’ve got of being caught by a company going into administration while owing you money.”
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