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Headline: Number of failing companies declines 27% in first quarter
Description: The number of companies going into liquidation in England and Wales dropped 27% in the first three months of this year compared to the last quarter of 2008.

There were 1,783 corporate insolvencies in the first quarter of the year, 27% fewer than in the last three months of 2008.

However, this figure is still 54% higher than the number of businesses that failed in the first quarter of 2008 and the number of individuals being declared bankrupt in the UK has hit a new record high.

In the first three months of the year there were a record 19,062 bankruptcies and 10,713 individual voluntary arrangements (IVAs).
Date: 06.05.2009
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