Number of failed businesses up 60%

THE number of failed companies soared 60% over the last year while the number of new firms starting up dropped by a fifth.

Although there was an annual fall, the number of start-ups formed in the first three months of this year compared with the final three months of 2008, formations were up 7% to 3,363, according to figures released by Bank of Ireland.

It said the high number of company formations in the first few months of the year demonstrates the willingness of small businesses to chart their own road to recovery.