Company insolvencies increase 70% year-on-year as key sectors hit by rising uncertainty

Cork saw company insolvencies rise by 157%, while Dublin and Galway saw rises of just 51% and 20% respectively

Overall, insolvencies are up in 12 out of the 16 sectors analysed, with only legal, accounting and business (-29%), real estate (-82%), electricity, gas and water supply (-100%) and mining (-100%) decreasing year-on-year compared with 2022.

The number of company insolvencies increased by 70% year-on-year in the first three months of 2023, according to the latest figures from credit risk analyst CRIFVision-Net.

Annual data for January, February and March suggest that inflationary pressures have added further concern for businesses, with a rise in insolvencies across ten counties.