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Significant fall-off in number of businesses failing this month

THERE was a 40pc decrease in the number of businesses failing in August, according to the latest figures from credit risk company Vision-net.

Vision-net.ie figures for August 2013 show that a total of 2,769 companies and businesses were established this month, an average of 106 per day.

This represents an increase of 13pc on the same month last year.

Fewer than four companies a day closed this month, with insolvencies down by 40pc compared to the same month last year.

Of the 91 companies declared insolvent in August, 43 were liquidated, 46 entered receivership, with just two examiners appointed.

When compared to August 2012, liquidations are down 54pc, receiverships are down 18pc while examinerships remain in line with the same period last year.

Dublin accounted for just over 40pc of all insolvencies. Insolvencies in Cork made up 16.5pc of the total  The north-east counties of Meath and Louth accounted for 17pc.

No companies were declared insolvent in nine counties – Kilkenny, Leitrim, Longford, Mayo, Offaly, Tipperary, Mayo, Monaghan and Wexford.

Professional services companies represented the largest segment of overall insolvencies this month, followed by real estate and construction.

Four of the 91 insolvent companies came from the motor trade.

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