9% over the same period, administration orders
by 55%, compulsory liquidations by 26.
Businesses that seek court protection from creditors through an administration order
have, in a significant number of cases, been in trouble for years according to a survey by corporate recovery and turnaround specialists Begbies Traynor.
In the first quarter of 2002 there were 168 administration orders
, 179 in 2003 and 326 in the first quarter this year.
Phil Cotter, managing director of Experian's business information division, said, 'The impact of the new Insolvency Act is clear to see but we haven't seen as many administration orders as we expected.
Some companies are taking advantage of the new rules, which came into force during 2003 but the increase in administration orders accounts for fewer than half the fall in insolvencies.
8%, administration orders
by 66% and voluntary arrangement by 6.
The absolute level of administration orders
, although still relatively low at 698, was up almost 60 per cent in 2001.
However, administration orders and voluntary arrangements recorded modest rises.
4% in the first six months of this year, compared to 2002, while administration orders rose by 3.
Instead the only options, if a company wishes to trade after insolvency, will be company voluntary arrangements or administration orders
These include voluntary liquidations, compulsory liquidations, administration orders
The number of receiverships and administration orders
against companies reached 138 last month compared with 101 in August and 98 last September.