The number of company insolvencies rose to 23,879 in 2008, a 30% increase on 2007, according to Experian the global information services company.

Experian’s analysis showed that the rate of business failure increased during the latter half of the year. From October to the end of December 2008, 7,238 businesses failed, a 52% increase compared to Q4 2007, which saw 4,751 failures.

The worst hit sector was property where insolvencies increased by 176%.

Only five sectors – oil, plastics & rubber, printing paper & packaging, pharmaceuticals and insurance – did not see an increase in the final quarter of the year compared to the same period in 2007.

All 14 regions of the UK monitored by Experian saw an increase in insolvencies in Q4 2008 compared to Q4 2007 and also during 2008 versus 2007. The North-West experienced the highest percentage rise (41%), while Scotland saw the lowest increase (12%).

London and Birmingham were the UK’s insolvency hotspots in the final quarter of the year with 1,221 and 381 businesses respectively failing in the two cities.