insolvency

Business Failures Up

Restricted access to finance and late–paying customers have caused UK business failures to increase by 17.5 % in the first half of the year compared with the same period in 2007, according to credit rating firm Experian. Research found that there were 10,512 business failures in the first six months of the year. Most of these were in the property sector, followed by banking & finance, and post & telecommunications. “As the credit squeeze continues small businesses could well be bearing the brunt of a worsening late payment culture,” said Experian Business Information managing director Tony Pullen. “Larger companies traditionally take longer to settle their bills than medium–sized and small businesses, and smaller suppliers are likely to be the biggest ... »