Almost 400 firms fold during Q3

Nearly 400 companies effectively went bust during the third quarter of this year — a slight increase on the same period last year, but a significant decline on a quarter- by-quarter basis.

Fresh data from corporate recovery firm, Kavanagh Fennell shows 395 corporate insolvencies occurred between the beginning of July and the end of September, with the construction industry remaining the worst affected sector.

However, when measured against the same quarter last year, 7% fewer construction firms went to the wall; while the retail industry — with 49 insolvencies — showed a 4% year-on-year increase in cases.