THE TOTAL NUMBER OF INSOLVENCIES in Ireland rose above 1,500 in 2010, and there was a huge increase in the number of receivers appointed to businesses, up 101 on 2009, according to new figures compiled by Kavanagh Fennell.

Bad as they were, the figures are better than had been expected, according to Ken Fennell of Kavanagh Fennell.

InsolvencyJournal.ie reports that the construction sector accounted for 30% (472) of all companies which went out of business last year, including the former third-largest construction company in the country, Pierse Contracting.

Retail had the second-highest number of insolvencies, with 279 or 18% of the total. Ken Fennell said he expects the hospitality sector to continue experiencing trading problems in 2011, after 194 companies went out of business in 2010, including City West Hotel and The Residence on Stephen’s Green.

Fennell also said he expects to see more receivers appointed by NAMA, the first of which were appointed in late 2010.

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