New data released by Vision-Net.ie shows that this August saw an average of just under two companies being declared insolvent each day - down slightly on the previous August when 70 companies ceased trading.
The professional services sector was hardest hit this August and accounted for 14 (23%) of the insolvencies recorded. The construction sector saw 8 company insolvencies while the hospitality and wholesale & retail sectors saw 7 each.
A third of the insolvent companies this August were located in Dublin, with a further 10 being based in Cork. Clare, Galway, Limerick, Mayo and Meath were each home to 3 insolvent companies.
According to Vision-Net.ie, "As well as the drop in insolvencies, further good news could be seen in the number of new companies formed. 1,776 were set-up - up 25% on the total from August 2015 (1,419). If average start-up rates remain at their current levels - we can expect to see over 20,000 new companies formed in Ireland this year."
Source: www.businessworld.ie
