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Fewer Irish companies failing – report

Analysts say that the falling number of insolvencies and increase in business creation is a positive sign for the economy.

THE NUMBER OF companies declared insolvent fell by a third last month, but there were still 93 companies that went out of business.

The figures come from business and credit-risk analysts Vision-net, who say that this months’ figures are down a third on September 2012′s.

Of the 93 insolvent companies, 65 were liquidated, 21 entered receivership, and an examiner was appointed to seven.

The five most volatile industries have remained the same this month with Professional Services, Construction, Wholesale & Retail, Manufacturing and Real Estate industries account for almost 75 per cent of insolvencies recorded so far this month.

Judgements

The number of consumer judgements awarded by Courts have remained the same (295 v 296) during September 2013 relative to September 2012, but the value of these debts has increased.

In September 2012, the average consumer debt judgement was €63, 000 but in September 2013, this increased by an average of €40,000 to €103,000.

Vision-net’s figures also recorded 2,777 company and business start-ups this quarter – up 3% on the same period in 2012 – showing an average of 126 start-ups per day. Of these, 1,708 were registered business names while 1,069 new companies were incorporated, up 17% on the same period last year.

Christine Cullen, Managing Director of Vision-net, commenting on the data noted:

‘‘Our data has shown consistent positive signs of business recovery over recent months, and this trend has continued in today’s data. The number of companies failing is reducing significantly and on the other side of the equation the number of new Irish companies now being created is also increasing.

“However, the overall signs of growth in the economy remain overwhelmingly positive’, added Cullen.

Read: ‘Irish-ness’ hugely important for success of businesses

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    Mute Jim O'Sullivan
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    Jun 20th 2023, 4:43 PM

    This government seems to have no problem passing laws that have great potential to expose citizens to danger and deny them rights, but when it comes to introducing laws to enhance citizens’ accessibility to social goods, such as housing etc, they find any amount of barriers to use as excuses to do nothing.

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    Mute Roj Blake
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    Jun 20th 2023, 7:24 PM

    @Jim O’Sullivan: which proposed laws ?

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    Mute McMahon G
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    Jun 20th 2023, 4:33 PM

    Dangerous, just look at Canada and see where this goes…..

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    Mute thesaltyurchin
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    Jun 20th 2023, 6:22 PM

    @McMahon G: Or the Netherlands, Belgium, Switzerland, various American states, Luxembourg, etc.

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    Mute Fiona Fitzgerald
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    Jun 20th 2023, 7:13 PM

    @McMahon G: Forty million Canadians wouldn’t agree. I see it as a basic right that people are entitled to ask for. Who would want to suffer needlessly? We wouldn’t do it to a pet.

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    Mute Chutes
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    Jun 20th 2023, 4:33 PM

    So do it!

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    Mute Robert Halvey
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    Jun 21st 2023, 7:13 AM

    Funny how evertime ffg are presented with a situation that will clash with Catholic ethos, They deflect and kick the issue down the road. This is cowardice of the highest kind and something a person who claims to be capable enough to represent citizens , Should never do, thats if they had an once of integrity.

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