Up to 800 Irish firms out of business this year

Four companies went out of business every day between January and June of this year, according to new solvency figures from InsolvencyJournal.ie.

That is 800 Irish businesses in the first six months of the year.

The figures show a 27% increase in the number of companies unable to honour their debts in the first half of the year when compared to the same period in 2009.

Three quarters of insolvency cases are made up from businesses involved in building, services, hospitality and retail sectors.

Receivership is also on the increase - there has been a 174% increase on the first six months of last year.