Business bankruptcy soars by more than 50% this year

Company insolvencies soared by 56 per cent in the first three months of the year as the number of people declaring themselves bankrupt hit record levels.

Figures released by the Insolvency Service this morning show corporate insolvencies rose to 4,941 in the first quarter of the year ? an increase of 56 per cent on last year and up 7.1 per cent on the previous quarter.

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