The number of bankruptcies recorded in the month of October fell by 28 per cent year on year, continuing the trend seen over the previous nine months.

In the first 10 months of the year, the number of bankruptcies fell by a more modest 2.3 per cent. The number of people filing stands at 6,974.

In October, 576 bankruptcies were recorded, according to figures collated by the business research company, Creditreform. These included 258 companies and 318 individuals.

Over the year as a whole, private bankruptcies are up by 4.7 per cent, while among companies they are down by 9.4 per cent.

Although the number of company bankruptcies fell in October, the amount of companies struck off the commercial register increased to 1,894. This represents a rise of 18.7 per cent year on year.

But Creditreform said these figures reflected the current business climate with a rush of acquisitions and mergers.

Moreover, more companies joined the commercial register to replace those struck off. Over the whole 10-month period, the register expanded by 4.6 per cent.

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