54% jump this year in the number of companies going into receivership

The number of companies going into receivership has jumped by 54% in the first 10 months of the year, with the motor trade in particular coming under severe pressure.

Data compiled by insolvencyjournal.ie shows the number of receivership appointments for October was 32, bringing the total for the year so far to 329, a 54% rise on the corresponding period last year.

“The motor industry was dealt a hard blow during October with the appointment of Kavanaghfennell as receiver to Bill Cullen’s motor group, bringing the closure of his car dealerships in both Airside and Liffey Valley.