New figures show that the number of companies going out of business continues to rise, with ten companies a day going into liquidation in August.
According to Vision-net, August was one of the highest months so far this year for businesses closing. 205 were declared insolvent, up 68% compared with August last year.
Separate figures, from The Insolvency Journal, show there were 1,090 insolvencies recorded in the first eight months of 2011, up more than 7% on the same period in 2010.
Vision-net says more than a third of the 205 companies that went bust had "unsatisfied mortgages" or bank loans which have not been repaid.
Broken down, 40 construction companies, 33 retailers, 21 property firms and 17 companies in the hospitality industry all closed.
The higher than normal rise in insolvencies in the retail and hospitality sector is a reflection of weak consumer sentiment and the lack of disposable income.
