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Drop in insolvencies

FEWER businesses were declared insolvent in August than at any time in the past 20 months. New figures revealed by InsolvencyJournal.ie, found that 95 companies were declared insolvent in August compared with 125 in July.

Analysts noted that this was the lowest monthly total since January 2009, but it still equates to three failures a day.

But the website, owned by the Kavanagh Fennell accounting firm, warned that the decrease could be due to a traditional slowdown in August and that insolvencies are expected to increase in the final quarter of 2010.

"We expect the last quarter to show a substantial increase in the number of insolvencies," said company partner Ken Fennell.