60 Irish companies were declared insolvent last month - down 14% from August 2015.
This August saw an average of just under two companies being declared insolvent each day - down slightly on the previous August, when 70 companies ceased trading.
The professional services sector was hardest hit this August and accounted for 14 (23%) of the insolvencies recorded. The construction sector saw 8 company insolvencies while the hospitality and wholesale & retail sectors saw 7 each.
A third of the insolvent companies this August were located in Dublin, with a further 10 being based in Cork. Clare, Galway, Limerick, Mayo and Meath were each home to 3 insolvent companies.
As well as the drop in insolvencies, further good news could be seen in the number of new companies formed. 1,776 were set-up - up 25% on the total from August 2015 (1,419). If average start-up rates remain at their current levels - we can expect to see over 20,000 new companies formed in Ireland this year.
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The number of companies that have collapsed this year. This figure is up 2% 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.
- 34 Companies
E8 (Notice Of Appointment Of Receiver)
- 9 Companies
- 1 Company
The number of companies that have closed this week.
- 373 Companies
- 321 Businesses
- 675 Companies
HIGH COURT NOTICES
- 3 Companies
- 353 Companies
- 0 Company