Monday 21 April 2014

Number of businesses collapsing falls 32pc in February

THE number of businesses collapsing in February fell by a third year on year, it emerged yesterday.

According to Vision-Net, failures are down by 32pc compared to the same month last year.

These results continue the positive trend from January 2013, where a 21pc drop in the number of businesses collapsing from the previous year was recorded.

Vision-net’s figures, covering the period between February 1 and 25, show that 140 businesses collapsed. Of those, 99 were liquidated, 39 entered receivership and an examiner was appointed to two companies.

A county-by-county breakdown of the figures for this month shows that Dublin accounted for 44pc of all insolvencies, with Cork and Kildare, between them, recording a further 18pc of insolvencies - 10pc and 8pc respectively. In all, 95 companies held meetings of creditors showing short-term debts of almost €21m.

The figures recorded 3,418 company and business start-ups this month - up 7pc on the same period in 2012 - an average of 136 start-ups per day. Of these, 2,277 were registered business names while 1,141 new companies were incorporated.

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