Four firms a day are going bust
Tuesday December 01 2009
Businesses are going bust in the Republic at a rate of four a day, new figures have revealed.
Building, services, retail and hospitality firms were worst hit and accounted for more than two thirds of the casualties this year.
Ken Fennell, of online insolvency publication Kavanagh Fennell, said the number of collapses dipped since July's high of 151, but had begun to climb again over the past three months.
"The overall picture for 2009 remains bleak with a total of 1,326 firms declared insolvent so far this year," he said.
The construction industry saw the largest number of businesses going to the wall - 394 so far this year.
But that trend took a turn last month with a 20% drop in insolvencies compared to October.
Mr Fennell said the drop-off suggested the rate of building firm collapses may have finally bottomed out.
But the services and hospitality industry continues to feel the wrath of the recession with both seeing a rise in company failures last month.
Overall there were 253 companies wound up in the services sector, 205 in retail and 155 in hospitality throughout the year.
The motor trade, which lost 54 businesses up to November, is also experiencing a surge in insolvencies with six firms going bust last month, compared to just one the previous month.
Press Association
