The number of people choosing to become a company director for the first time has fallen by more than 40 per cent, according to business service firm Vision-net. A study of Companies Office data by Vision-net found that 1,181 people chose to become a company director for the first time in May, down 42 per cent on the same month last year.

The total number of first-time directors in the first quarter of the year was 4,883, down 31 per cent on the 7,062 who registered as directors for the first time in same period in 2010.

Vision-net’s figures also show that eight companies were declared insolvent every working day in May, while six companies were liquidated every working day.