Ireland: Figures for February 2014 showed a 31% drop in Irish company insolvencies on the same period in 2013 with the construction sector appearing as the most improved industry

Figures for February 2014 showed a 31% drop in Irish company insolvencies on the same period in 2013 with the construction sector appearing as the most improved industry.

93 Irish companies were declared insolvent between the 1st and 24th February 2014 – this is down almost a third on the same period last year when 135 insolvencies were recorded.

This February the construction sector accounted for 14% of the insolvencies recorded, down from 21.5% in the previous February.

This was the biggest improvement recorded by any of the industries this February and appears even more impressive when we consider that at the onset of the recession, in February 2008, the construction sector accounted for 30% of all insolvencies.

The wholesale and retail sector was worst affected in February, accounting for just over 19% of company insolvencies (up 3% on February 2013). Almost 40% of insolvent companies had a registered address in Dublin, this is down over 5% on last February.

1,214 new companies were set up during the same period this February – an average of 50 per day. This is up 10% on the same period in 2013. 1,105 people became directors of an Irish company for the first time during the period also

Source: Solocheck