ICT companies facing greater insolvency threat

Information and communications companies are said to be facing a greater insolvency threat.

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Information and communications companies are said to be facing a greater insolvency threat.

Figures from the Exaro Insolvency Index show the number of information and communication companies going into administration or receivership rose to 32 in the quarter up to January, when compared to the 21 in the same quarter last year.

The figures do not include IT wholesalers or retailers, but "proper IT firms", said Exaro. It said many of the failed companies are consultants or specialists in designing bespoke software.

While winding up petitions fell from 75 to 69 in the same period, orders or resolutions to wind up rose from 331 to 393. And appointments of liquidators rose from 322 to 388 - an increase of 20.5 percent.

For all insolvency notices, covering all industries, the number for the quarter went up 1.3 percent, from 6,481 to 6,567.

The Exaro Insolvency Index is compiled from the London, Belfast and Edinburgh Gazettes and figures from Companies House.

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