Company insolvency up

PUBLISHED: 11:25 03 November 2008 | UPDATED: 09:57 10 June 2010

COMPANY insolvencies in Devon have increased by almost a quarter in the last three months.

COMPANY insolvencies in Devon have increased by almost a quarter in the last three months.

Experian, a global information services company, published its latest insolvency data this week - and figures showed an increase of 23.5 per cent , with 268 failures recorded over the summer.

This is a marked increase from the 5.6 per cent in the first nine months of the year with a total of 734 failures.

The analysis also shows that there were 16,591 UK business failures in the first nine months of 2008, representing a 22 per cent increase compared to the same period in 2007.

Tony Pullen, Managing Director of Experian's Business Information division, said: "Our analysis highlights that businesses, now more than ever, need to know who they are dealing with and that their customers and suppliers have the means to pay.

"Given the difficult trading conditions and rise in insolvencies, it is important that businesses take the right steps to safeguard the supply of their goods and services. The best approach is to continually monitor customers' and suppliers' commercial integrity against financial performance, credit risk information and payment behaviours.

"Access to this level of insight provides the intelligence to help businesses manage their exposure to risk."

Overall, all 14 regions monitored by Experian saw an increase in insolvencies in the first nine months of 2008 compared to 2007.

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