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News : Irish Economy Last Updated: Oct 3, 2011 - 7:13 AM

Number of Irish insolvencies eased in third quarter; Company collapses in 2008-2011 to rise to 5,300 firms
By Finfacts Team
Oct 3, 2011 - 5:32 AM

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The number of Irish insolvencies in the year to September rose to 1,208 but the rate of increase eased in the third quarter. However, the numbers are on track to reach 1,600 in 2011, bringing the total of company collapses in the 2008-2011 period to 5,300 firms.

Statistics released by InsolvencyJournal.ie reveal that corporate insolvency figures for the quarter ending September 2011 totalled 389 insolvencies, a drop of 8%  from the Q2 2011 figures and a third consecutive monthly reduction.       

Commenting on the figures Ken Fennell of kavanaghfennell, the firm who compile the data commented: “Corporate insolvencies for the third quarter show a further reduction following on from Q2.  Although the reduction is small it is a possible sign that the number of corporate insolvencies may have stabilised”

Total insolvencies for the year to date are 1,208 compared to 1,132 for the same period last year, a 7% increase.

Receivership appointments for the third quarter totalled 68, but the number of appointments have dropped for a third month in a row.  The Superquinn Group was the most high profile receivership noted during the third quarter.

“While receivership appointments remain high when compared to last year, we have seen a small but welcome reduction over the last few months”. Fennell commented

Commenting on the low level of examinership appointments which totalled just 3 for the quarter, Fennell said: “The total number of examinership appointments remain disappointingly low considering this is the only form of corporate restructuring available for Irish businesses and we believe changes to the examinership legislation is urgently needed."

The number of liquidations, including both creditors’ voluntary liquidations and court liquidations, totalled 318 during Q3 2011 compared with 283 liquidations during Q3 2010, a 12% increase year on year.

When comparing industry totals in corporate insolvencies during Q3 2011 the statistics reveal that construction has seen a slight decrease of 12% from 115 insolvencies during Q3 2010 to 101 insolvencies in Q3 2011.  The retail industry has seen an increase from 44 insolvencies in Q3 2010 to 47 during Q3 2011, a 7% jump. An increase was also noted in the hospitality industry which saw the number of insolvencies rise by 22% from 41 in Q3 2010 to 50 in Q3 2011.

According to Fennell: “The high level of retail and hospitality failures is a worrying sign and could be an indication of further corporate failures in both of these sectors.”  He added: “While our overall prediction for the year remains at 1,600 insolvencies, we are definitely seeing positive signs that the number of corporate failures may have peaked.”

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