Failed firms fall by 45%

Last month saw a 45% year-on-year reduction in company failures with 89 insolvencies noted, compared to 162 in the same month last year.

However, the updated statistics from credit and business risk analyst Vision-net.ie show 60% or 53, of the cases resulted in liquidation.

Just under 30% related to companies going into receivership and only 11% were in the form of examinerships, despite new legislation allowing SMEs cheaper access to this form of court protection.