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In the first three months of 2011 the Insolvency Service recorded 1,314 receiverships, administrations or company voluntary arrangements. This is an increase on the previous quarter and doesn’t bode well for the year ahead as widespread public sector cuts begin take hold.

The figures show a big rise in the number of businesses going into voluntary liquidation which could be a sign that, rather than wait for creditors and suppliers to demand such action, directors are deciding themselves to close the doors and get their house in order.

According to the Insolvency Service the number of businesses going into administration rose by 22%.