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Over 1,000 companies declared insolvent in first half of 2011

While the number of company startups was higher in 2011, the numbers going out of business also rose.

Image: Khairil Zhafri via Flickr

OVER A THOUSAND Irish companies were declared insolvent and went out of business in the first six months of the year, new figures show.

Statistics compiled by Vision-net.ie showed that 1,008 companies were declared insolvent in the first six months, with over two-thirds of that number accounted for Creditor’s Voluntary Insolvencies.

Almost 300 companies went into receivership, while 50-or-so companies went into receivership by court order. Around a dozen companies went into examinerships.

The number is up around 11 per cent on the same period from last year, Vision-net.ie said.

The number of people appointed company directors for the first time also fell – by around 15 per cent – to just over 12,000, though the number of companies being set up was slightly up on last year.

258 companies were set up in the last week, while 300 were struck off.

Read more statistics at Vision-net.ie >

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Gavan Reilly

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