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News : Irish Economy Last Updated: Aug 3, 2011 - 9:12 AM

Irish insolvencies in July rose 9%; On track for 5,300 firm collapses in 2008-2011 period
By Finfacts Team
Aug 2, 2011 - 6:50 AM

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Irish insolvencies in July rose 9% in the month and the total is on track to reach 1,600 in 2011, bringing the total of collapses in the 2008-2011 period to 5,300 firms.

Data released Tuesday by InsolvencyJournal.ie reveal that insolvency figures for July totalled 152, a 9% increase from the June total of 139.  The first seven months of 2011 saw a total of 971 appointments, a six% increase on the total recorded for the same period in 2010 (917).

Commenting on the figures, Ken Fennell of kavanaghfennell, the firm who compile the data commented: “We are not surprised by the continuing high levels of insolvencies, as weak consumer sentiment and the ongoing financial uncertainty in the Eurozone continue to have an adverse effect on business.”

There were 39 Receivership appointments in July, a significant increase of 105% on the June figure of 19. Comparing year on year, there is a 14% increase in receivership appointments from 143 for January to July in 2010 compared to 163 so far this year. There were also a number of high profile receivership appointments during July with a receiver being appointed to the Superquinn Group and McInerney Holdings entering receivership after a failed application to the Supreme Court to appoint an examiner.

According to Fennell: “Banks and NAMA are continuing to take enforcement action in an attempt to maximise recoveries and we believe this trend will continue over the next twelve to eighteen months”

With regard to industry totals there was a 59% increase in insolvencies in the construction sector this month, up from 32 in June to 51 in July, the highest monthly totals so far this year. The construction industry has seen 254 failures so far this year, 26% of all insolvencies recorded for 2011, however this is still a 9% drop on the figures recorded from January to July 2010.

The retail industry saw some respite during July with a 48% decrease from 25 insolvencies in June to 13 in July. Most noticeably the motor industry saw a 100% increase in insolvencies for July, rising from 4 in June to 8 this month, this rise is perhaps influenced by the ending of the Government scrappage scheme in June this year.

“Overall insolvencies remain stubbornly high and our predictions for the year remain that there will be approximately 1,600 insolvencies during 2011,” Fennell commented.

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