The number of UK business insolvencies fell by 17% in October on the same period last year, according to the latest Experian insolvency index.

The index reveals 1,635 UK businesses failed last month, down from 1,976 insolvencies recorded in October last year, an insolvency rateof 0.08, compared to 0.10% in October 2009.

Max Firth, managing principal of pH, an Experian company, says: “It is encouraging that the business population in general is faring better in terms of insolvencies than this time last year, despite mid-market failures increasing in October. It remains key for organisations to ensure that they use data insight to help them understand and manage the risks in today’s marketplace.”