Number of companies going bust increases

The number of firms going out of business or seeking court protection in a bid to survive jumped 14%, to 347, in the last three months when compared to the first quarter of the year.

Despite the quarterly increase, however, overall yearly corporate insolvency figures are set to continue declining in 2014.

On a year-on-year basis, the first half saw an 8% fall in insolvencies, to 650 cases, according to data published by InsolvencyJournal.ie.