Positive signs as Insolvency figures drop by almost 20% this year.
The company insolvency rate in Ireland in 2013 has dropped by almost one-fifth when compared to the same period last year.
812 companies were declared insolvent between 1st January and 24th June 2013, this is down 17% on the same period in 2012 when 976 were recorded.
69% of insolvent companies this year have been liquidated with a further 30% entering receivership and the remainder going in to examinership.
Dublin was the worst affected county for insolvencies accounting for 41% in total. Cork and Kildare were second and third worst hit accounting for adding a further 12% and 5% respectively.
The professional services sector was hardest hit as it made up 18% of insolvencies followed by construction (17%) and wholesale & retail (14%).
There were 7,583 company start-ups recorded in the first half of 2013, up 9% on the same period in 2012 and in total the first six months of this year saw 21,134 company and business start-ups - an average of 120 per day.
The first five months of 2013 saw creditors awarded €189m in bad debt judgments from the courts. €81m (43%) of that total was awarded to the banks with the revenue commissioner receiving a further €41m.
The number of companies that have collapsed this year. This figure is up 27% compared to last year
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PREDICTIVE CREDIT REPORTS
Our Credit Reports are predicting over 80% of insolvencies at up to 6 months in advance.
- 20 Companies
E8 (Notice Of Appointment Of Receiver)
- 3 Companies
- 1 Company
The number of companies that have closed this week.
- 259 Companies
- 754 Businesses
- 994 Companies
HIGH COURT NOTICES
- 0 Company
- 163 Companies
- 0 Company