Survey: Eight firms a day go bust

EIGHT companies a day went bust in May with figures showing people are shying away from starting a business.

A survey, conducted by vision-net.ie showed that court-ordered liquidations are up 50%, while for the first time, more than one in every two companies are now showing signs consistent with business failure.

The figures show that 1,181 people chose to become a company director for the first time in May, down 42% on the same time last year.