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| Number of insolvent firms doubles | Number of insolvent firms doubles |
| (20 minutes later) | |
| The number of firms going bust in Scotland has more than doubled in the last year, statistics show. | The number of firms going bust in Scotland has more than doubled in the last year, statistics show. |
| Figures from the Companies House register showed that 371 firms went into liquidation or receivership in the last three months alone. | Figures from the Companies House register showed that 371 firms went into liquidation or receivership in the last three months alone. |
| The rise marked a 28% increase on the previous quarter and 119% on the same period last year. | The rise marked a 28% increase on the previous quarter and 119% on the same period last year. |
| Experts say the credit crunch has left many firms struggling with late payments and higher bank charges. | Experts say the credit crunch has left many firms struggling with late payments and higher bank charges. |
| As the Bank of England faces calls to deliver the biggest cut in interest rates in its 11-year history, Bruce Cartwright, from the Institute of Chartered Accountants in Scotland, told BBC Radio Scotland that the average business was now making contingency plans for a recession. | |
| He said: "The lack of consumer confidence hits the retail sector first. We see that in the slowdown. | |
| "The consumer is finally not buying. They have spoken for a long time that 'I intend not to buy' - now they are definitely not buying. | |
| "The reduction in credit we are seeing in retail we are absolutely seeing in house sales and you can see that in the statistics." |