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02/04/2003
Report reveals rise in NI business failures
According to the latest figures from global business solutions company, Experian, Northern Ireland has recorded a substantial increase in the number of business failures in Q1 of 2003.
Northern Ireland recorded 33 business failures, which represents a 50% increase on the same period last year. This figure emerged despite a UK trend indicating a modest reduction in business failures throughout January to March 2003 – a trend that began in Q4 2002.
Experian’s Commercial Business Director Phil Cotter said: “In 2002 the number of insolvencies in the UK rose by 10%. Whilst, on the surface, the decline in the current year looks like good news, in today’s current climate we would expect the number of business failures in the UK to rise as the year progresses.”
The UK-wide figures revealed that in Q1 the number of voluntary liquidations and receiverships decreased by 8.6% and 29.7% respectively, the rates of compulsory liquidations, up 13%, administration orders, up 6%, and voluntary arrangements, up 20.1%, have all continued to rise sharply.
Of the 35 industry sectors surveyed in the report among the worst affected were plastics and rubber (business failures up 79%), media (up 26%), and leisure and hotels (up 23%).
However, business failures fell in 20 other sectors including business services, an area which has traditionally experienced a high failure rate.
(SP)
Northern Ireland recorded 33 business failures, which represents a 50% increase on the same period last year. This figure emerged despite a UK trend indicating a modest reduction in business failures throughout January to March 2003 – a trend that began in Q4 2002.
Experian’s Commercial Business Director Phil Cotter said: “In 2002 the number of insolvencies in the UK rose by 10%. Whilst, on the surface, the decline in the current year looks like good news, in today’s current climate we would expect the number of business failures in the UK to rise as the year progresses.”
The UK-wide figures revealed that in Q1 the number of voluntary liquidations and receiverships decreased by 8.6% and 29.7% respectively, the rates of compulsory liquidations, up 13%, administration orders, up 6%, and voluntary arrangements, up 20.1%, have all continued to rise sharply.
Of the 35 industry sectors surveyed in the report among the worst affected were plastics and rubber (business failures up 79%), media (up 26%), and leisure and hotels (up 23%).
However, business failures fell in 20 other sectors including business services, an area which has traditionally experienced a high failure rate.
(SP)
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