Corporate insolvency rates for large UK firms fell by over 50% in October, according to the latest figures from Experian.
The Experian Business Insolvency Index revealed that corporate insolvency rates for firms with over 500 employees dropped from 0.20% in September to 0.08% in October.
The decrease puts the level of large corporate insolvencies back in line with the UK average, after increased levels during the summer months.
Overall business insolvency rates remained stable at 0.08% in October, making it fourteen months since insolvency rates last rose.
Max Firth, managing director of Experian Business Information Services for the UK and Ireland, said: “The positive trends from October are coming from some of the UK’s largest sectors and biggest firms which is a good indicator of things to come.
“We are seeing a greater level of confidence among businesses than this time last year which in turn may lead to expansion and growth.
“Although this can bring increased risk exposure, getting an in-depth picture of the financial health of potential clients will help business make the best decisions and identify the best opportunities.”
There was a continued positive result from the building and construction sector, which has seen insolvency rates drop for 12 consecutive months, seeing a decrease from 0.15% in October 2012 to 0.14% in October 2013.
Regionally, the North of England again saw the highest levels of insolvency rates, with the North East seeing 0.12% of businesses failing, despite a small improvement year-on-year from 0.13% in October 2012.
The North West saw a year-on-year increase to 0.09% from 0.08% in October 2012.