200% rise as company insolvencies hit 400 in first quarter of 2010

MORE than 400 companies have been declared insolvent in the first three months of 2010, a more than 200% increase on the same period in 2008.

New figures from Insolvencyjournal.ie show despite the belief that the bank recapitalisation plan would lead to a flow of funding for companies, hundreds of firms are continuing to go out of business.

According to the group, between January 1 and March 31, 402 firms were declared insolvent, 25% more than the 320 during the same period last year and up 200% on the 137 in 2008.