Four companies a day going bust, finds report

FOUR companies a day are going bust as company failure rates continue to soar – up 27% year-on-year – yet one in two firms are planning for the upturn in the economy.

The majority (90%) of private companies expect their businesses to improve over the next year, while more than half (57%) are planning for the upturn, according to a survey carried out by PricewaterhouseCoopers (PwC) and Dublin Chamber of Commerce.

But statistics compiled by InsolvencyJournal.ie show that insolvencies for the year to the end of April have increased 27% over the same period of 2009. There have been 532 recorded company failures this year, up on the 419 that failed between January and April 2009.