According to Experian's latest insolvency index, the number of
business insolvencies across the country has fallen by 17 per cent compared to the same time last year.
The index found that 1,635 British businesses failed last month, down from 1,976 in October last year. Very large companies noted the biggest decline in insolvencies.
Whilst all regions saw declines from the levels reported last year, Scotland recorded the lowest rate at which businesses declined, at 0.05 per cent.
Despite this positive news, the trade body of insolvency professionals, R3, warned that borrowing costs remained high for businesses across the country.
