The number of companies facing insolvency has risen 17% - the highest level for five years.

PricewaterhouseCoopers has revealed that in the first three months of 2008, 3,359 companies failed across the country. This stands as a 21%  jump on the previous quarter and a 17% increase for the same period last year.
The last time there had been a similar number of business failures was in 2003 when the dotcom bubble burst.

The retail and construction sectors has suffered more than most with more companies being put into administration, liquidation, receivership or seeking voluntary arrangements, with 431 and 500 insolvencies respectively.
The retal industry has also not fared well with notable insolvencies including discount clothing group Ethel Austin, footwear purveyor Stead & Simpson, shoe retailer Dolcis.