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116 go bust in a month

THE number of company failures in June remained largely unchanged, with 116 declared insolvent.

The number of new firms established was 2,606, or 104 per day, which compares positively with last month's figures.

Conversely, 116 companies collapsed, which was in line with last year when 119 firms were classed as insolvent, according to latest monthly data from business intelligence service Vision-net.

Receiverships were up 25pc compared with last year, which Christine Cullen, Vision-net's managing director said was "alarmingly high", particularly in the construction and hospitality.

Ms Cullen urged the Government to implement the Personal Insolvency Bill immediately in the wake of the figures.