19-02-2008
Fewer company closures reported in 2007
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Britain's Ministry of Justice has reported a fall in the number of company closures.
The department, created after the winding up of the Department for Constitutional Affairs, has confirmed that over the course of 2007 in England and Wales, a total of 11,791 businesses ceased operations as a consequence of difficulties, reports the BBC.
"We saw more activity at the end of last year than we did in the whole of the first nine months," said Paul Stanley, a representative from insolvency firm Begbies Traynor, in an interview with the broadcaster.
"I would expect the figures to start to rise in January and February."
It was also noted that over the course of last year, the total number of creditor petitions declined to 20,156 - representing a fall of three per cent.
The term creditor petition refers to the practice of lenders using a court to entreat for the winding-up of a business.