| Trading-related bankruptcies rise in vulnerable industry sectors |
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Trading-related bankruptcies rise in vulnerable industry sectors Personal bankruptcies resulting from business debts have increased considerably within vulnerable industry sectors, particularly hotels and restaurants where failures have reached their highest level since the recession began, official figures reveal. The hotels and restaurants sector, which relies on discretionary spending, experienced 368 bankruptcies in the first quarter of this year, with bars accounting for 244 of the total figure. This was an increase of 10% on the final quarter of last year. The construction industry has not fared any better with failures increasing year on year with 591 bankruptcies in the first quarter of 2011 compared to 571 in the same quarter of 2010. These bankruptcies will be sole traders, partnerships and other small businesses not covered by limited liability. Total bankruptcies across all trading sectors has hit 2,579 for the first quarter, which is worryingly edging closer to the 2,759 peak recorded in 2009.
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