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The number of insolvencies among UK firms fell during July, according to new research from Experian. The latest Business Insolvency Index found that 1,776 companies failed during July this year, compared to 1,962 companies (0.10%) in July 2011. The biggest improvements came from the UK’s largest firms, from 0.15% last July to 0.08% this year – and also from smaller firms, from 0.26% to 0.19%. Max Firth, managing director at Experian Business Information Services, UK&I said: “Since March this year, when the insolvency rate peaked at 0.11%, it has remained fairly stable – between 0.08% and 0.09%. The lack of any real increase is clearly welcome and this picture is unlikely to change in the near future. “The figures continue to underline the importance of good insight into the financial risks associated with insolvencies among both clients and suppliers and how these issues can affect their business.” Scotland has historically held some of the lowest insolvency rates, but after January this year, Scotland’s insolvency rates were higher and more in line with the rest of the UK. During July, however, Scotland saw the biggest month-on-month fall in its insolvency rate – from 0.09% in June to 0.05% in July – and is now at its lowest point since July 2010. The non-food retail sector is the UK’s sixth biggest sector. Compared to its larger counterparts, it saw the rate of insolvencies fall the furthest – from 0.15% in July 2011 to 0.10% in July 2012. The automotive sector saw 0.14% of its population fail during July. It was one of the few sectors to see insolvencies increase when compared to 0.11% in June 2012 and 0.10% in July 2011. Other Business Money News
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