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News : Irish Last Updated: Sep 1, 2011 - 7:02 AM

Irish insolvencies in the year to August rose to 1,090; Total company collapses in the 2008-2011 period to rise to 5,300 firms
By Finfacts Team
Sep 1, 2011 - 5:48 AM

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Irish insolvencies in the year to August rose to 1,090 and are on track to reach 1,600 in 2011, bringing the total of collapses in the 2008-2011 period to 5,300 firms.

New statistics released today by InsolvencyJournal.ie reveal that corporate insolvency figures for August totalled 119, a 22% drop from the July total of 152.  The first eight months of 2011 saw a total of 1,090 corporate insolvencies, an increase of over seven% on the total recorded for the same period in 2010 (1,012).

Commenting on the figures Ken Fennell of Kavanaghfennell, the firm who compile the data commented: “The decrease in August is not surprising as there is usually a seasonal reduction in the number of insolvencies. We had a comparable reduction in August last year”.

There was a significant drop in receivership appointments during August, down to 17 from a high of 39 in July, a decrease of 56%. However when comparing year on year, there is a 16% increase in receivership appointments from 155 during the period January to August 2010 to 180 so far this year. 

According to Fennell: “Although the reduction in the number of receivership appointments is welcome we believe the banks and Nama will continue to appoint receivers where they believe they have no alternative and they are of the view that such appointments will lead to greater recoveries.  The recent outcome of the Start Mortgages case could also have some implications on future receivership appointments.”

The number of court liquidations during the month of August dropped from 8 in July to 3 during August which is no surprise with the Courts in summer recess. Creditor’s voluntary liquidations also dropped from 105 during July to 98 in August.

With regard to industry totals, the total number of insolvencies in the construction industry so far this year totalled 278, a 10% dip on the figures recorded for the same period during 2010.  The retail industry year on year figures showed a 20% increase from 124 during the period January to August 2010 to 149 for the same period this year, when comparing yearly hospitality figures there was an increase of 7%.  Transport figures increased 34% year on year with wholesale showing the most dramatic increase of 104%, jumping from 24 January to August 2010 to 49 for the same period this year.

“The overall trends in corporate insolvencies for the year to date would suggest that at least 1,600 companies will enter into some form of insolvency arrangement by the end of the year with construction and retail continuing to bear the brunt,” Fennell commented.

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