The credit crunch will cause more construction companies to go bust in 2008 than last year, new research claims. Credit insurer Euler Hermes said insolvencies across all industries will rise 8.3% to 13,492 next year, but it singled out construction as one of the biggest casualties. Fabrice Desnos, chief executive of the organisation, also pointed to the increase in delayed payments to UK contractors as an aggravating factor. This rose more quickly than in over two years in the third quarter of 2007 - up to an index figure of 69.1 from 59.1. An index figure of 50 means no change, while a figure below that indicates a fall.
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