STATISTICS RELEASED:

INSOLVENCIES IN THE THIRD QUARTER 2009 - down

Q109 = 4941  Q209 = 5055

Q309 = 4716

Statistics showing insolvencies in the third quarter 2009 have been published by the Insolvency Service.

COMPANY INSOLVENCIES

There were 4716 compulsory liquidations and creditors' voluntary liquidations in total in England and Wales in the third quarter 2009 (on a seasonally adjusted basis) This was an decrease of 4.7%  on the previous quarter but an increase of 14.6% on the same period a year ago.

The Insolvency Service 6th November 2009. INS/COM/50

In 12 months ending Q309 approximately 1 in 114 (0.9%) companies went into liquidation, which is slightly up on the previous quarter when the figure was approximately 1 in 120.

Late Payment Legislation

The UK was one of the first countries in the EU to introduce legislation to promote a culture of prompt payment. That was in 1998.Since then, in August 2002, provisions have been extended.

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