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330 go insolvent each day!

An article in the Telegraph has identified that the number of individual insolvencies rose to 29,774 during the 1st quarter, 19% more than during the same period a year earlier (data from the Insolvency service). With unemployment rising and house prices still slumping insolvency numbers could continue to rise. Also the number of companies that collapsed rose by 56 per cent year-on-year...this a factor of slowing demand and dipping consumer confidence coupled with banks reigning in lending availabilities to companies. The above a stark reminder of the reality of the ongoing economic slowdown...

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