Five firms went bust every day in April
AN average of five companies a day went bust in April with 154 insolvencies recorded, a 15pc rise on the 130 insolvencies recorded in March, latest InsolvencyJournal.ie figures revealed yesterday.
Year-on-year figures for company failures in April are, however, down by 5pc compared to April 2011.
The cumulative total of insolvencies from January to April of this year now stands at 585, 4.6pc higher than the same period last year.
Regionally, Leinster accounted for the highest proportion of company failures, making up 65pc of the overall total.
Insurance Institute elects president
THE Insurance Institute of Ireland has announced the election of Richard Endersen as the incoming president for the year 2012-2013.
The official inauguration took place at the institute's AGM, held in Dublin. Mr Endersen is the CEO of Aon Insurance Ireland. Mr Endersen takes over the presidency of the Insurance Institute of Ireland from Philip Smith, CEO of RSA Insurance Ireland Ltd.
Unearthore bought by competitor CIS
Dublin-based planning and building project data and services group Construction Information Services (CIS) has bought out its biggest competitor, Belfast's Unearthore, for an undisclosed sum.
CIS has supplied construction-related firms with planning and project data used to compile sales leads and compile plans since 1972, while Unearthore has been trading since 1980 and has itself built up a client base throughout the North.
Central Bank warns unauthorised firms
The Central Bank yesterday published a warning notice on Otis KPO, LLC (USA), Hannover & Rothchild Consultancy (USA), Russell Merger Group (Japan), Eldridge Financial (Switzerland) and The Pinnacle Group (UK & Germany). The firms are not authorised as investment firms in Ireland and have been offering investment services in the State.
It is a criminal offence for an investment firm to operate in Ireland unless it has an authorisation from the Central Bank of Ireland. Clients of unauthorised firms are not eligible for compensation from the Investor Compensation Scheme.
Investment market at its worst in 2011
THE investment market has been stagnant for virtually four years, with 2011 the worst year in this cycle with the total investment turnover only €25m for the entire 12 months.
However, Savills Ireland predicts that the investment market turnover should reach €500m in 2012 as a result of concessions announced in the December Budget and an increased volume of stock on sale.