This is an average of just under three insolvencies per day and is down 11.5% on the same period last year when 436 companies were closed.

A closer review of this year's insolvencies indicates that the construction and professional services sectors have been worst affected as they account for 19% and 18% of insolvencies respectively. The construction sector has seen 8 more insolvencies this year compared to last (72 v 64) while professional services remained in line (71 v 70).

Wholesale & retail was the next most affected industry, accounting for 14% of total insolvencies while the real estate sector saw a 29% reduction in closures with 39 being recorded - down from 55 last year.

47% of insolvent companies this year are based in Dublin which another 9% in Cork and 4% in Limerick.

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