Business failures rise by 7%

THE number of companies placed in liquidation, receivership or examinership increased by 7% last year.

The figure hit 370 in the year, compared with 345 in 2006, according to statistics released by consultancy firm, FGS.

In the six months ending June 30 last year there were 167 failures as opposed to 203 in the six months ending 31 December, representing an increase of 21.5% on the previous six months.