Business insolvencies to reach 1,000 in 2024 as tax warehouse deadline nears

Retail, hospitality and construction sectors made up over half (51%) of all insolvencies.

There are nearly 60,000 businesses with warehoused Revenue debt of €1.8bn

The number of business failures in Ireland is rising with the final quarter of 2023 recording the highest level of insolvencies since the pandemic with 229 companies entering some form of insolvency.

According to the latest PwC Insolvency Barometer, finalised insolvency levels rose by a third (32%) last year compared to 2022 with 717 companies entering insolvency compared to 545 in 2022. In addition, there was a near doubling of insolvencies in 2023 compared to 2021 when there were 379 insolvencies, an increase of 89%.