Irish start-ups remained strong between July and September this year; insolvencies for the quarter were up on 2015 but the figure for the year was more encouraging.
Research that we published last week, which covered the majority of Q3-2016 (1st July - 27th September) - revealed that 10,998 Irish companies and businesses were formed - further analysis, which covers the quarter as a whole, shows that this figure rose to 11,493 (up 2% on the same period last year).
Finance was one of Ireland's fastest growing industries for new company start-ups during the quarter with 758 being formed - up 17% on Q3-2015 (647). Professional services remained the most popular industry for new companies and accounted for 18% of these, with finance and wholesale & retail in second and third place respectively (14.6% and 11%).
Dublin remained the most popular location with 47% of new companies being based there, followed by a further 11% in Cork and just over 4% in Galway.
232 insolvencies were recorded for the period 1st July to 27th September this year - up 14% on the same period in 2015 (204). The professional services industry was the most insolvent in Q3 2016, with 44 insolvencies, although this figure was a 4 percent decrease year-on-year. Construction and real estate accounted for a further 18% of insolvencies each.
While the rise in insolvencies was slightly disappointing, figure for the first 9 months of the year revealed that they were down 5% on the same period in 2015.
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The number of companies that have collapsed this year. This figure is up 21% 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.
- 26 Companies
E8 (Notice Of Appointment Of Receiver)
- 3 Companies
- 1 Company
The number of companies that have closed this week.
- 370 Companies
- 557 Businesses
- 702 Companies
HIGH COURT NOTICES
- 4 Companies
- 252 Companies
- 179 Companies