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Nine companies go bust each day

NINE Irish companies were declared insolvent every working day in the month of October, new figures show.

The data has been released by business information company Vision-net.ie.

It says 172 companies were declared insolvent in the month, with business and professional services companies (17pc) now ranking alongside construction companies (18pc) as the worst sectors affected.

Vision-net.ie also released the results of its monthly company stress tests.

Of the 14,700 companies surveyed in the sample, 41pc were seen as high risk in terms of their risk of failure, 20pc were classified as medium risk and 39pc were low risk.

Christine Cullen, managing director of Vision-net.ie, said the level of business failures continued to be stubbornly high.

"There are few real signs yet of recovery in the domestic sector, with professional services firms starting to creep in the wrong direction," she said.

"What is apparent is that while the export sector is growing, weak consumer confidence continues to hamper growth in home-grown companies."