27% rise in firm failures

THE number of firms that went bust soared by 27% in the first half of this year compared with last year.

This rise means that the number of insolvencies has already surpassed the yearly total for 2008 as 792 companies went out of business between January and June of this year.

The main insolvencies were in the construction, services, hospitality and retail sectors which accounted for almost three quarters of all cases.