This site uses cookies to improve your experience and to provide services and advertising. By continuing to browse, you agree to the use of cookies described in our Cookies Policy. You may change your settings at any time but this may impact on the functionality of the site. To learn more see our Cookies Policy.
Dublin: 8 °C Thursday 12 December, 2019

33 companies a week going bust from January to April’s statistics showed that 558 companies went insolvent in the first four months of 2011.


558 COMPANIES BECAME insolvent in the first third of the year, according to new statistics compiled by business website

The figures marked a 3 per cent increase on the number of insolvencies in the same period of last year, the site said.

162 of the insolvencies were recorded in April – a month which saw an increase in both voluntary liquidations (up 21 per cent on March) and receivership appointments (up by 55 per cent).

Ken Farrell of kavanaghfarrell, which compiled the website’s data, said the figures were in line with expectations.

“Increased levels of enforcement action by NAMA and banks, combined with continued weak consumer sentiment in the retail sector, suggests that there will be no reduction on the 2010 level of insolvencies,” Farrell said.

Construction was the worst-affected sector, though businesses in the retail and services sectors were failing at a quicker pace than before; 31 services firms faced insolvency in April alone, while 22 retailers faced a similar fate.

  • Share on Facebook
  • Email this article

About the author:

Gavan Reilly

Read next: