A total of 135 firms failed in January 2012, with the retail industry seeing the number of insolvencies rise by 66% in the month
Feb 15 2012
With an average of four businesses a day now falling prey to the recession, one of the latest high profile casualties was the Philips store in Dublin, which has now closed
Four companies went out of business everyday in January, a new report by Insolvency Journal.ie shows. In total, 135 firms went bust last month, an increase of 39% compared with 2011.
Most of the failed companies (32%) operated in the services sector, while 26% were in the construction industry. Worryingly, the retail industry, hit by falling consumer demand, saw the number of insolvencies rise by 66% in the month.
Receiverships rose by a third, and examinerships accounted for 5% of all insolvencies. Ken Farrell, partner of Kavanaghfennell which compiles the data, said the result was unsurprising, “given the continued weak consumer sentiment as a result of the harsh budgetary measures introduced in the latter half of last year.”
However, a similar report from Vision.net showed entrepreneurs registered almost 2,000 new business names in the same period, an average of 66 every day – which the company says demonstrates Ireland’s “resilient sense of entrepreneurship.”