The number of company insolvencies in England and Wales in the second quarter of 2003 has dropped by 11.2% on the previous quarter (from 3,825 to 3,398) and by 12.5% compared to a year ago (3,882), according to the latest statistics published by the DTI and analysed by Grant Thornton's Recovery and Reorganisation practice.
"Whilst this second successive quarterly drop in the number of company insolvencies, the lowest level since quarter two of 1998, appears to herald rosier times for UK businesses and the economy as a whole, a more in-depth reading of the figures is not as comforting," says Malcolm Shierson, partner within Grant Thornton Recovery & Reorganisation.
