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Business failures decline in Q3
The number of business failures occurring in the UK dropped in every sector in the third quarter, according to a corporate data provider.
Equifax has published its Business Failures Report for the April to September period, which revealed that the number of company insolvencies has declined in every area of the country and each industry compared to figures released in the second quarter.
Specifically, there was a 13.5 per cent drop in failures between these two periods, Business Credit Management reported.
However, these figures are still well above those witnessed in the same quarter last year, suggesting that the transitional nature of the economy has not yet passed.
Neil Munroe, external affairs director at Equifax, expressed caution that the signs of a recovery are over-stated.
According to the website, he recommended that firms continue to operate best practice and harness the executives skilled in risk management to minimise the threat of bad debt in the future.
This data was supported by figures published by Experian last month, which disclosed that the pace of business failures occurring in the UK declined in August to their lowest number in more than 12 months.