Corporate insolvency rates fell for the fifth consecutive month in September, according to the latest figures from Experian.
The Experian Business Insolvency Index revealed that overall business insolvency rates decreased from 0.08% in September 2012, to 0.07% in the same month this year.
Insolvency rates among large companies with more than 501 employees had been rising, but were down from 0.11% in September 2012 to 0.10% in September of this year.
Companies with between 100 and 500 employees saw the greatest decrease in insolvencies to 0.09% in September 2013 from 0.16% the previous year.
According to the index, insolvencies in the building and construction industry declined from 0.14% to 0.11% in September.
Insolvencies in the building and construction industry have been falling for 11 months, which Experian said pointed to “safer conditions” for house building.
Falling insolvency rates among banking and financial businesses continued in September, dropping from 0.15% (78 cases) to 0.10%, or 52 cases.
Max Firth, managing director of Experian Business Information Services for the UK and Ireland, said: “The drop in larger company insolvencies is welcome news, and it is encouraging to see that some of the key drivers of the economy, such as construction and financial services, are performing well.”
In the IT sector the number of insolvency cases climbed to 89 in September, up from 77 cases in the previous year.
In the North East, business insolvencies have remained flat since April 2013 at 0.12%, although down from 0.32% in September last year.
The East Midlands recorded its lowest insolvency rate for more than five years in September, down from 0.08% to 0.05%.