Business failures rise following spike in costs and wind-up of State supports, report shows

However, this figure remains low compared to 2019 levels as current the annual failure rate 25 companies per 10,000, compared to the pre-pandemic level of 36 per 10,000.

The arts, entertainment, and recreation sector, as well as the hospitality sector, remain two of the largest sectors with business failures.

Insolvency levels have risen in annual terms following the wind-up of covid-related Government supports and the increasing cost of doing business amid an inflationary environment, a new report showed.

Business failures increased by 33% in the first nine months compared to the same period a year earlier, the latest Insolvency Barometer by professional services firm PwC found.