Insolvencies jumped 82% in 2009

THE number of Irish companies going insolvent increased by 82% in 2009, but fewer companies are going the examinership route in a bid to trade out of their difficulties.

Statistics compiled by InsolvencyJournal.ie for the last year shows the number of insolvencies increased rapidly – in particular in the construction, services and retail sectors – and the company predicts a similar number of insolvencies in 2010.

In total, 1,406 companies collapsed in 2009 – an average of almost four companies a day going bust.