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118 new start-ups underway each day last month

However, 55 per cent of the 11,156 companies surveyed by Vision-net last month were deemed as being at high risk of collapse.

OVER 100 NEW BUSINESSES got off the ground each day last month, according to figures compiled by business and credit risk analyst Vision-Net.

However, over half of the 11,156 companies Vision-net surveyed last month were considered at high risk of collapse, while a further 14 per cent were considered medium-risk, and 31 per cent were low-risk.

In total, Vision-net recorded 3,080 new companies and business start-ups between 1 April and 26 April, a 10 per cent increase on the previous year.

Of these start-ups, 2,018 were registered business names and the remaining 1,062 were company incorporations.

Although the professional services sector accounted for a quarter of company incorporations in April, the sector experienced no growth because it also accounted for a quarter of company closures.

Vision-net says that weakness continues in the trading environment as six companies were declared insolvent each day over that period  - a 17 per cent increase on 2011.

In total, 149 companies were recorded by Vision-net as being declared insolvent last month. Of these, 96 were liquidated, 50 entered receivership, and examiners were appointed to the other three.

Throughout April, 115 companies held meetings of creditors (down over a fifth on the same period of 2011), owing over €40 million between them.

The courts registered 301 consumer and commercial judgments worth €14.5 million last month; banks were awarded €8.6 million and the Collector General was awarded €3.7 million.

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