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Nine companies declared insolvent every day in October

The latest figures show that business and professional services now rank alongside construction companies as the worst sectors affected.

Image: Assunta Del Buono/John Birdsall/Press Association Images

NINE COMPANIES WERE declared insolvent in Ireland every single day in October.

The number was revealed by vision-net.ie today.

It said that a total of 172 companies were declared insolvent this past month, with business and professional services companies (17 per cent) now ranking alongside construction companies (18 per cent) as the worst sectors affected.

Vision-net.ie also carried out monthly company stress tests, and said that the results this month showed that of 14,741 companies, 41 per cent (5,983) are seen as being high risk.

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

The level of business failures continues to be stubbornly high. There are few real signs yet of recovery in the domestic sector, with professional services firms starting to creep in the wrong direction.
What is apparent is that while the export sector is growing, weak consumer confident continues to hamper growth in home-grown companies.

Read: August one of the highest months for insolvencies>

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