Based on an in-depth Stress Test of almost 13,500 Irish Companies in May 2011, Vision-net.ie have found that the current economic climate continues to adversely affect trade.
Having analysed 13,500 (approx) Irish companies this May we found that 55% (7,431) displayed signs consistent with Business Failure and Insolvency. By comparison, less than 30% (3,752) are deemed to be a Low Trade Risk.
Insolvencies - May 2011
Over 150 Irish companies were declared Insolvent in May '11. The majority of these were Creditor Voluntary Liquidations (CVLs) where no Declaration of Solvency was filed. In these cases the company itself takes the decision to appoint a Liquidator as it may be unable to pay its debts as they fall due.
Receivers were appointed to 44 Irish Companies while the Irish Courts ordered the Winding-Up of 6 Companies. Court Ordered Liquidations differ from CVLs as in this case, an individual (usually a Creditor of the Company) petitioned the High Court to have the company liquidated.
The number of companies that have collapsed this year. This figure is up 36% 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.
- 41 Companies
E8 (Notice Of Appointment Of Receiver)
- 12 Companies
- 0 Company
Meetings of Creditors
25th of May, 2011
- Eblana Developments Limited
- James Finnerty Construction Limited
- Minvard Limited
- Squids Inn Limited
- Villiers Cafe Limited
The number of companies that have closed this week.
- 302 Companies
- 772 Businesses
- 1792 Companies
HIGH COURT NOTICES
- 2 Companies
Strike off & Struck off Companies
- 275 Companies
- 264 Companies