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A TOTAL of 115 businesses failed in May – a 25pc drop compared to the previous year.

However, despite the drop in corporate insolvency, experts anticipate as rise in personal insolvency with the roll out of the Insolvency Service of Ireland.

Leinster was the worst affected province accounting for 68pc corporate insolvencies.

So far this year a total of 151 businesses in the construction sector have entered an insolvency process compared with 189 for the same period last year – a 20pc drop.

However, in the retail sector there has been a total of 98 business failures from January to May this year compared to 91 last year which represents an 8pc increase.