'Challenging' first half sees 65% rise in Cork business insolvencies

More than 400 insolvencies were reported in the first half of this year, up by almost 50% compared with 2022

Impacting prominent sectors including hospitality and construction, Cork was the worst affected by business closures. Pic: Larry Cummins 

Insolvencies have risen by just under half in the first six months of 2023 against a backdrop of rising inflationary pressures and uncertainty, with the winding up of government pandemic supports also coinciding with an almost 50% increase.

Between January and June of this year, 410 insolvencies were reported nationwide, up from just 277 recorded in the same period last year, reflecting a 48% rise.