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Rate of business closures falls

There were 275 corporate insolvencies in the second quarter of 2015, according to statistics from Deloitte. This marked a sharp drop from the same period last year, when 347 companies went bust.

The retail sector was worst hit by closures. Although down on last year, the number of insolvencies rose by 10pc in the three months to the end of June compared to the first quarter, with the retail industry seeing a notable jump.