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45 companies going bust every day
According to figures from the Insolvency Service, 45 companies in England and Wales are going bankrupt every day, the Telegraph reports.
More than 4,000 companies went bust in the second quarter of 2010. And although this was an increase of 0.5% on the previous quarter, it was actually almost a fifth lower than the same time last year.
The figures, which suggest many companies are still finding it difficult to survive post-recession, have led to calls for banks to lend more.
Meanwhile, the number of individuals in England and Wales being declared insolvent also increased. In total, 34,743 people were declared insolvent during the second quarter of the year, which was 5% more than the figure from the same period a year earlier.
The figures are actually lower than those recorded in the first three-month period of 2010, but experts have warned that worse could yet be to come as public spending cuts are made.
The individual insolvencies from Q2 2010 were made up of 14,982 bankruptcies, 13,446 IVAs (Individual Voluntary Arrangements) and 6,295 DROs (Debt Relief Orders).
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