Insolvencies hit new high in July

MORE firms went out of business in July than any month previously, with the construction and motor sectors particularly hit.

According to figures from the InsovencyJournal.ie, part of the surge in insolvencies was because of the high court recess in the summer, with “a glut of cases arriving in court before the break”.

The construction sector was particularly badly affected as 151 firms became insolvent, a 33% increase on June figures and 132% surge on the same month last year.