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01/10/2010
Four Companies A Day 'Go Bust'
Figures published today by an insolvency analyst website have revealed an average of four companies a day have gone bust in Ireland.
According to the report by Insolvencyjournal.ie said 1,132 companies have gone bust between January and September constituting a slight increase in insolvencies on 2009.
The website found that construction continues to be the hardest hit with 351 construction companies having gone bust this year.
However, the report found there is some evidence of stabilization with the figures for the third quarter of 2010 down marginally on the same period last year, 340 from 381.
Commenting on the figures, Ken Fennell of the compiling firm Kavanaghfennell, said: "We're seeing some sort of a bottoming out of the figures. On a month-to-month basis the number is up in September, but the drop in August was seasonal. The numbers for the entire year look as if they will be up slightly on last year, as we predicted at the start of the year. We're probably looking at somewhere around the 1,500 mark.
"The figures show that the trading environment is still challenging for businesses, but there is some sort of stabilisation taking place."
The construction industry felt the majority of pain in September, with 42 insolvencies, the highest number of any sector and an increase on the August figure of 32. In total, 351 construction companies have gone bust so far this year.
The services industry has also been hit hard: 20 firms went bust in September, a 10% increase on the August figure of 18 and totaling 207 so far this year. Elsewhere, there were 16 insolvencies in the retail sector in September bringing the yearly total to 140.
The were also 15 in the hospitality industry, up from 10 in August for a total of 143 so far this year.
(DW/BMcC)
According to the report by Insolvencyjournal.ie said 1,132 companies have gone bust between January and September constituting a slight increase in insolvencies on 2009.
The website found that construction continues to be the hardest hit with 351 construction companies having gone bust this year.
However, the report found there is some evidence of stabilization with the figures for the third quarter of 2010 down marginally on the same period last year, 340 from 381.
Commenting on the figures, Ken Fennell of the compiling firm Kavanaghfennell, said: "We're seeing some sort of a bottoming out of the figures. On a month-to-month basis the number is up in September, but the drop in August was seasonal. The numbers for the entire year look as if they will be up slightly on last year, as we predicted at the start of the year. We're probably looking at somewhere around the 1,500 mark.
"The figures show that the trading environment is still challenging for businesses, but there is some sort of stabilisation taking place."
The construction industry felt the majority of pain in September, with 42 insolvencies, the highest number of any sector and an increase on the August figure of 32. In total, 351 construction companies have gone bust so far this year.
The services industry has also been hit hard: 20 firms went bust in September, a 10% increase on the August figure of 18 and totaling 207 so far this year. Elsewhere, there were 16 insolvencies in the retail sector in September bringing the yearly total to 140.
The were also 15 in the hospitality industry, up from 10 in August for a total of 143 so far this year.
(DW/BMcC)
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