Insolvencies fall as 15,000 firms formed

There was an almost 20% fall in the number of insolvencies in all sectors across the economy this year, as over 15,000 companies were formed.

The figures released by risk analysis company Vision-net found that professional services and construction sectors were the industries worst affected by insolvencies in 2013.

The figures indicated that the number of construction firms entering into receivership may have bottomed out. The number of companies failing in the sector was down by 1.1% while the number of real-estate firms declared insolvent has fallen by 2.5%.