Business failures on the rise

The number of businesses failing in Ireland is continuing to rise, according to figures released today.

New figures from corporate recovery specialists FGS show that the number of voluntary and High Court liquidations, receiverships and examinerships in the first quarter of this year was up by more than a third on the same three months of last year.

A total of 469 companies were placed in liquidation, receivership or examinership between the start of January and the end of March, compared to 351 during the same period of last year.

Construction and engineering companies were hit the hardest - followed by the retail, hospitality and motor sectors.

The largest increases occurred in the mid-west region followed by the midlands and border areas.

FGS says if the trend continues for the rest of the year it is likely that up to 1,900 failures will occur compared to 1,570 last year.