The UK recorded a dramatic fall in business failures in January following the introduction of the new Voluntary Arrangement moratorium procedures which came into force on 1 January 2003, according to the latest insolvency figures released by Experian, the global business solutions company.
In the first month of 2003, the number of business failures fell by 12.8 per cent compared to the same period last year. The toll of 1,053 failures for January was 155 fewer than in January 2002 and 472 fewer than in December 2002. However, this is still 67 more failures than were recorded in January 2001, indicating that the overall trend remains upwards.
