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40 per cent decrease in number of businesses failing last month

New figures also showed that there was an average of 106 new businesses and companies established per day in August.

Image: Business people via Shutterstock

THERE HAS BEEN a 40 per cent decrease in the number of businesses failing in Ireland this month.

The latest statistics from business and credit risk analyst Vision-Net show that 91 companies declared insolvent this month, down 40 per cent on August 2012.

Its figures for August 2013 show that a total of 2,769 companies and businesses were established this month, an average of 106 per day, and an increase of 13 per cent on the same month last year.

Less than four companies a day closed this month.

Christine Cullen, Managing Director of vision-net.ie, said:

‘The numbers are indicating a rise in business confidence which, coupled with the resilience of those businesses that have weathered the worst of the storm, means 2013 looks set to be the best in some time.

Insolvencies

Of the 91 companies declared insolvent in August, 43 were liquidated, 46 entered receivership, and two had examiners appointed.

Meanwhile, liquidations are down 54 per cent compared to August 2012, receiverships are down 18 per cent while examinerships remain the same.

The figures also show:

  • Dublin accounted for just over 40 per cent of all insolvencies.
  • Insolvencies in Cork (16.5 per cent of the total) are up by 12 per cent
  • The north-east counties of Meath and Louth accounted for 17 per cent of total insolvencies in August 2013.
  • No companies were declared insolvent in nine counties – Kilkenny, Leitrim, Longford, Mayo, Offaly, Tipperary, Mayo, Monaghan and Wexford.

Professional services companies represented the largest segment of overall insolvencies this month (24 per cent), followed by real estate (16.5 per cent) and construction (15 per cent). Four of the 91 insolvent companies came from the motor trade.

Court judgements

The figures also took in court judgements for July, which show that 478 rulings resulted in €27 million awarded to creditors for the non-payment of consumer and commercial debts.

Out of these judgements, 304 were consumer related and accounted for 78 per cent of the total value.

Meanwhile, 72 of the 174 commercial judgments were taken by local authorities.

Read: Consumers and firms ordered to pay over €44m to creditors last month>

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