Sharp rise in service company failures

Last year saw a 65% increase in the number of company failures in the services sector, despite there being a general downward trend in insolvency figures across the economy.

According to accountancy giant Deloitte, 2016 saw a total of 1,032 Irish corporate insolvencies last year; 2% down on the 1,049 in 2015.

Also of note was a 38% drop in the number of insolvencies in the retail sector. However, the number of company failures in the services sector soared to 329 from 200 in 2015.