IT insolvencies increase but things could be worse
There's an interesting quirk in the latest monthly insolvency figures from Experian. While the number of insolvencies in August as a whole were the lowest since February, the figure for the IT sector was 9% higher than in August 2010.
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But this is actually good news (!!) because the figure for the IT sector is lower than the average figure of insolvencies for all sectors of almost 12.4%. Other industries which witnessed even more significant increases in insolvencies were leisure & hotels, business services and motor traders.
The figures also showed that in terms of total insolvencies, Scotland and the North East suffered hefty increases in company failures.
While it's not quite a cause for rejoicing that IT company failures were up 9% in August, relative to the overall figure, it's not quite that bad either. In these times, that's probably better than nothing.
This was last published in September 2011
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