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Business failures fell in January 2011

Date Added: 09/03/2011  

New figures have been released showing that in January 2011, the number of firms going out of business fell.

According to Experian's latest Insolvency Index, 1,266 businesses failed during the course of the month, which is down on the 1,426 recorded in the same month in 2010.

Yorkshire saw the biggest fall in the number of corporate insolvencies during the period.

Max Firth, managing director of Experian pH, explained that financial stability is slowly improving at firms all over the UK.

"Our data also shows that the post-recession business population is beginning to increase once again, with the net number of firms trading up by one per cent when compared with last January," he said.

But Mr Firth added that bosses need to be wary of the cashflow problems which can arise as a result of issues such as late payments.

Coventry-based electric van manufacturer Modec is one firm which is failing, having called in administrators who immediately made half of the staff redundant to save costs and attract potential buyers.

Posted by Julie Cutts 

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