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01/10/2002
Province bucks trend for business failures
Despite a climbing rate in the UK for business failures, NI companies appear to be bucking the trend.
According to the latest report from global information solutions company Experian along with the City of London and the North East of England, Northern Ireland has experienced a small drop in the number of business failures.
Company failures in Northern Ireland remained static at 19 for the third quarter of 2001 and 2002, but taken against a climbing trend overall, this represents a lower failure rate in the first nine months of the year when compared with 2001.
The report identified 52 businesses that had failed in the first nine months of the year, which represents a decline of 17.5%.
The total number of businesses in the UK failing in the third quarter of 2002 was up 16% on the same period last year. This brings the toll for the year to 14, 198 companies, which represents and increase 11.6% on the first nine months of this year.
Overall in the UK a total of 4,475 companies failed in the third quarter of 2002, an increase of 655 on the same period in 2001. The most significant increase was in the number of compulsory liquidations, which made up one third of all company failures.
The largest number of company failures was in the business services sector where so far 110 companies have failed.
(SP)
According to the latest report from global information solutions company Experian along with the City of London and the North East of England, Northern Ireland has experienced a small drop in the number of business failures.
Company failures in Northern Ireland remained static at 19 for the third quarter of 2001 and 2002, but taken against a climbing trend overall, this represents a lower failure rate in the first nine months of the year when compared with 2001.
The report identified 52 businesses that had failed in the first nine months of the year, which represents a decline of 17.5%.
The total number of businesses in the UK failing in the third quarter of 2002 was up 16% on the same period last year. This brings the toll for the year to 14, 198 companies, which represents and increase 11.6% on the first nine months of this year.
Overall in the UK a total of 4,475 companies failed in the third quarter of 2002, an increase of 655 on the same period in 2001. The most significant increase was in the number of compulsory liquidations, which made up one third of all company failures.
The largest number of company failures was in the business services sector where so far 110 companies have failed.
(SP)
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