Business failure rates in England and Wales dropped to a 17-year low between April and June, official figures show, while personal insolvency rates fell back from highs recorded at the start of the year.
Excluding personal service companies, the number of businesses entering insolvency fell by 15.4 per cent compared with the first three months of the year, the Insolvency Service said. This was the lowest number since comparable records began in 2000.
A total of 1,131 personal service companies closed in the second quarter, which the Insolvency Service called a one-off event related to a government crackdown on their use to reduce contractors tax bills.
Individual insolvencies fell by almost 10 per cent compared with the first three month…
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