Guardian: Company failures are 'tip of the iceberg'

Personal insolvencies could top 150,000 this year, suggesting UK economy is not through the worst. Insolvency experts warned today that a 59% annual jump in failing companies was "the tip of the iceberg" as official figures highlighted the impact of Britain's plunge into recession on the hard-pressed corporate sector. Tighter credit, falling demand and a weak property market are pushing an increasing number of individuals and companies over the brink. The purchasing managers' index stands at 42.9 - any reading below 50 indicates that factory output is contracting.