Hopes for recovery as fewer firms going bust
Fewer Irish companies are going bust, raising hopes that the economy has stabilised.
New figures show that 122 companies went out of business in February – 26pc lower than the 166 that closed in February 2012.
The new data, published by insolvencyjournal.ie, reveals that so far this year, there have been 229 insolvencies recorded, a 24pc drop from the 303 in the first two months of 2012.
The statistics show that despite the year-on-year decline in insolvencies, the retail sector experienced a 69pc rise in business failures last month, when 27 firms went bust. That compared with 16 in February last year. Among the companies in trouble was formal-wear chain Black Tie, which had a liquidator appointed on February 1.
The hospitality sector accounted for 15pc of the total insolvencies in February. The most high-profile was the company behind the Ritz-Carlton Powerscourt hotel in Enniskerry, Co Wicklow.
Insolvency experts Kavanagh Fennell, which prepares the data, said the level of receiverships was expected to remain high in 2013.