The decline in the number of limited company failures continued into May 2003, according to the latest figures released by Experian®, the global business solutions company. During the month, company failures fell by 6.9% compared with May 2002, bringing the total so far in 2003 to 7,376, a fall of 4.7% compared with the first five months of 2002. Business failures in May 2003 were 6.9% lower than in May 2002.
However, the actual rate of company failure as a percentage of actively trading companies in the UK remains unchanged at 1.1% as a result of the continuing fall in the number of actively trading companies, as fewer new companies have been set up to offset the number of companies going out of business.
1,454 company failures were recorded in May 2003, compared with 1,562 in May 2002.
