Nearly 40% of firms at risk of failing

NEARLY 40% of Irish companies are in danger of going out of business in 2011, leaving behind combined debts of nearly €300 billion, according to new research.

The staggering new figures come from the latest quarterly credit study undertaken by business information and risk agency, Vision-net.

Analysis of accounts from 122,000 companies — currently actively trading — found that 38% “are likely to fail”, resulting in €288bn in bad debts.