Survey reveals sharp rise in insolvencies

Figures released today by InsolvencyJournal.ie reveal the number of companies in Ireland becoming insolvent has risen sharply in September following a seasonal low in August.

However, the survey did suggest there are signs of an overall stabilisation.

Up to 1,132 companies have gone bust from January up to the end of September, an increase of just over 12.5% on the same nine-month period last year.

The numbers increased from 95 in August to 120 last month.

The September figure is a marginal increase on last year’s figure of 114 insolvencies for September 2009.

The figures for the third quarter of 2010 are down marginally on the same period last year, 340 from 381.

However, the number is expected to rise for the final quarter: last year 403 insolvencies were recorded in the final quarter of the year, almost one third of total insolvencies for the year.