The latest figures for Q3 from Equifax have shown that the number of companies "failing" is up 20% on the same period last year.
This statement below is how Equifax define a business "failure"
The definition of a business failure in the Equifax report is any business with a winding up order, or in liquidation - NOT those in administration, receivership, and company voluntary arrangements.
We did note an increase in the numbers of advertised petitions in September which may well reflect the number of compulsory liquidations.
Not surprisingly, Equifax found that the biggest rise was in the retail sector with a 41.8% increase in failures. The Construction industry is also finding conditions challenging with a 22.6% rise in companies going under.
We await the figures from the Insolvency Service which includes all the statistics on Administrations, Liquidations and Voluntary Arrangements.
I would like to point out at this stage that a Company Voluntary Arrangement is not really a businesss failure! It is a business rescue!