The latest Insolvency Index from information services company Experian, has revealed a positive picture in November, as the number of failing businesses continued to fall and the financial strength of businesses improved.
Businesses across Great Britain saw an improvement in their financial strength score from 79.66 in November 2008 to 81.26 November 2009. Furthermore, the rate of insolvencies fell to 0.09% in November 2009, compared to 0.11% in November 2008.
Rolf Hickmann, managing director of pH, an Experian company, said: “The last four months have seen a fairly low and stable rate of insolvencies, compared to 2008, and certainly compared to the heights reached in the last recession in 1992. In fact the overall picture shows a very gentle decline in insolvencies throughout the year. Furthermore, the latest improvement in the financial health score is the fifth month in a row that the health of businesses has improved.
“Despite the prolonged recession, the UK’s entrepreneurial spirit continues to thrive. The number of micro businesses, those with one to two employees, is growing rapidly. They are enjoying amongst the lowest rates of insolvency and are relatively secure.”
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