Irish firms’ bad debts top €1.2bn

COMPANY bad debt hit €1.2 billion in the first six months of 2010, with the 32 worst-affected liquidated firms owing €770 million between them.

New figures compiled by www.vision-net.ie show that the ongoing financial crisis is having a crippling impact on payments to creditors across the business spectrum.

An online survey by the group over the past six months indicates that liquidated Irish companies now owe a fortune in bad debt because they either cannot afford to pay back creditors or are still waiting on re-payments from other firms themselves.