According to Experian the IT sector was one of the very few sectors of the economy that has seen any rise in the number of insolvencies in February.
In total, the number of IT firms going bust in February 2013 stood at 89, as opposed to 69 in the same month last year. Obviously these figures are quite small so are probably not very indicative of the overall trends. The only other sections of the economy that saw a rise was the
Business services firms and construction also saw the number of failing firms in their sectors increase. The weather has hit construction and the government is still holding back on major projects.
In terms of the number of employees the only businesses that showed an increase in their insolvency rate compared with February 2012 were those with between 51 and 100 employees. They saw their rate rise from 0.12 per cent last year to 0.16 per cent in February 2013. These figures are yet again very low and contrast with the 2.5% levels seen in 1992. However it should be remembered that there are more smaller firms than there were at that time and at the moment there has been an increase in the number of registered businesses. If your business is worried about insolvency then they should contact KSA Group and Company Rescue for help and advice. We will not criticise you. We will just try and find a solution to your business problems.