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.
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.
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