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# Economy
Substantial decrease in failing businesses during third quarter
Start-ups were also on the increase with an average of 108 new companies registered every day during the quarter.
THERE WAS A 25 per cent decrease in the number of businesses failing in Ireland during the third-quarter of 2013 according to fresh figures.
Statistics from business and credit risk analyst company Vision-Net show that insolvencies have dropped compared to 2012.
It’s figures for Q3 show that of the 359 insolvent companies, 207 were liquidated, 145 entered receivership, and an examiner was appointed to 7.
Continuing the trend of being the most high-risk industry, the construction industry represents a fifth of all insolvencies recorded in the quarter.
Start-ups
There were further positive signs with the number of new businesses being set up by Irish entrepreneurs also growing:
- 8 per cent growth in start-ups between July and September.
- 9,327 new companies in the quarter translating to an average of 108 start-ups per day.
- 5,727 were registered business names while 3,600 new companies were incorporated.
Christine Cullen, managing director of vision-net, said the figures showed that there was continued improvement in the domestic economy:
Our figures show that resilient entrepreneurship continues to remain a key component of our path back to growth. The number of start-ups are still increasing, with September alone seeing nearly a 10 per cent rise on the same period last year.
(Infographic supplied by vision-net)
Read: 40 per cent decrease in number of businesses failing last month >
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