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Business failures soar |
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New results from UK plc were reported with Scottish corporate failures increasing by a staggering 21% in the first quarter of 2004 whilst English insolvencies have decreased. Glasgow´s "Herald" newspaper has reported on 8th May 2004 a rise in Scottish insolvencies - 253 in the first quarter compared with 126 in the last quarter of 2003. However, in the same period, English insolvencies have fallen 1.7%.
These figures have been gathered from a report by Grant Thornton who have, in fact, reported an overall improvement in Scotland. Compared with the same period a year ago, the number of firms going to the wall fell by 16.4% whist in England and Wales the fall was 14.5%.
Apparently the first quarter usually produces the largest number of corporate failures compared with other segments of the year.
It should be worthy of note that manufacturing was the worst hit sector disclosing a 64% increase in insolvency.
The recent Bank of England interest rate hike could no doubt worsen the position.
For this and other stories please visit the Yuill & Kyle debt recovery and credit control lawyers website at www.debtscotland.com . By registering on the site you will find a host of credit control tools in "Free Credit Resources" which can be used absolutely free.
Stephen Cowan
Yuill & Kyle, debt recovery & credit control lawyers, Scotland
79 West Regent Street, Glasgow G2 2AR
scowan@yuill-kyle.co.uk
Direct Dial: 0141-572-4251
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