Four companies ‘going bust’ each day

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
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

A total of 135 firms failed in January 2012, with the retail industry seeing the number of insolvencies rise by 66% in the month

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15 February 2012

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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.”
 

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