Corporate insolvencies were down 45% this July compared to last while almost 4,300 new company and business start-ups were formed.
This July saw 89 Irish companies declared insolvent - an average of 3 per day - this is a drop of 45% on July 2014 when 162 companies went out of business.
The majority of industries saw a fall in insolvencies this July. The professional services sector was worst affected with 22 insolvencies but this figure was down 21% on the previous July (28).
Insolvencies affecting the wholesale & retail sector (13) were down 56% on July 2014 - while the construction and manufacturing sectors saw drops of 44% and 64% respectively.
In terms of start-ups, 4,281 companies and businesses were formed - the best figure for July since 2007. 2,517 businesses were registered - up 24% on July 2014 while the figure of 1,764 company start-ups was up 15%.
The most popular industry for corporate start-ups was the professional services sector which accounted for over a fifth of these (402).
The wholesale & retail and social & personal services sectors accounted for a further 20% of start-ups between them while the hospitality sector saw an increase of just over 22% on last July's figure - 126 v 103.
The number of companies that have collapsed this year. This figure is up 17% 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.
- 17 Companies
E8 (Notice Of Appointment Of Receiver)
- 3 Companies
- 0 Company
The number of companies that have closed this week.
- 269 Companies
- 544 Businesses
- 169 Companies
HIGH COURT NOTICES
- 1 Company
- 118 Companies
- 0 Company