'Four companies going bust a day'

Four companies a day went out of business over the last 11 months, according to a new survey.

New figures released by InsolvencyJournal.ie show that 1,392 companies went bust between January and November - a rise of 11% on the same period last year.

Some 142 businesses became insolvent in November, an increase of 24 on the previous month.

"The figures indicate that as predicted yearly totals are heading for 1,500 and traditionally the last quarter is the most active for insolvency activity," said Ken Fennell, a partner in kavanaghfennell, the firm who compile the data.

The construction industry was particularly hard-hit, with 419 construction companies having gone bust so far this year.

“Some high profile cases in the construction sector found themselves in difficulty and went out of business in November," Mr Fennell said.

"Not surprising the construction sector continues to suffer the highest number of casualties."