The UK recorded 1,855 business failures in November 2002, according to the latest figures released by Experian, the global information solutions company. This represents an increase of 306 more business failures over the same month in 2001.
In the first eleven months of the year, January to November, the number of business failures grew by 13 per cent compared to the same period last year. The toll for the year to date is 17,734, an increase of 2,038 on the first eleven months of 2001.
The increase in company failures in November was due entirely to compulsory liquidations, which more than doubled over November 2001 to 763. Voluntary liquidations declined by 3.1 per cent, receiverships by 44.8 per cent and administration orders by 9.5 per cent. In the year-to-date, compulsory liquidations have increased by 38.7 per cent to 5,935.
