New figures released today by Vision-net.ie show that insolvencies declined by 26% nationwide in June compared to the same period last year.
 
The data shows that a total of 83 companies were declared insolvent nationwide this June, compared to 112 in the same period in 2014. Dublin accounted for 46% of all insolvencies, but the number was down overall by 10% year-on-year.
 
Furthermore, Meath was the county with the second highest number of insolvencies, with 6 insolvencies in June compared to just one last year. Cork was the third most insolvent county, but experienced a significant drop of 54.5% in insolvencies, from 11 to 5.
 
Carlow, Clare, Kerry, Kilkenny, Monaghan, Offaly, Roscommon and Waterford did not have any insolvent businesses this month. Real estate was the most insolvent sector in June, accounting for a fifth of all insolvencies. 16 companies were declared insolvent compared to 11 in 2014, a 45.5% increase.

Wholesale and retail and professional services were the second and third most insolvent sectors. Between them, these three sectors accounted for just over half of the insolvencies recorded this June.
 
Managing Director of Vision-net.ie, Christine Cullen said, "This month’s 26% year-on-year drop in insolvencies, coupled to a daily average of 65 new businesses every day of the month, is further evidence that it is become easier for existing and new businesses to successfully trade and develop within the Irish economy. 

This month the real estate sector experienced the highest growth in insolvencies. It represents a reversal of the positive growth trends recorded by the sector over recent months. While it’s still too early to tell, both the new Central bank mortgage lending rules and shortage of housing supply may be impacting on the real estate sector."

Source: www.businessworld.ie