From a statistical point of view, 2016 has been a positive one and has built on the successes recorded last year. In order to better highlight this, we've reviewed the key figures in terms of insolvencies, debts and start-ups.
Insolvencies recorded between January and September this year are down 5% on the same period in 2015 (727 v 762) - an average of just under 3 per day. The professional services sector was the hardest hit by insolvencies and accounted for 19% of the recorded cases with construction just behind on 18%.
Dublin and Cork were home to over half of the insolvent companies with 42% based in Dublin and a further 10% in Cork.
In addition to the drop in insolvencies - the first nine months of 2016 also saw a drop in judgment awards for failure to repay debts. Almost E204m was awarded in 2,300 separate bad debt judgment cases - a reduction of 45% on the same period in 2015 (E371.7m). Over two thirds of judgments were against consumers and these had a value of E180.9m (down 47% on 2015 - E343.3m) with a further E22.8m awarded against companies.
35,698 new companies and businesses were formed between January and September this year - up 3% on the same period in 2015 - an average of just over 130 new entities per day.
Almost 15,800 start-ups were new companies and almost one in five of these chose to operate in the professional services sector. The next most popular industry for company start-ups was finance which saw over 2,100 entities formed.
For more details, and our one page infographic, on the key trends from the first nine months of the year simply click the following link - www.vision-net.ie/news/learn-more-about-the-key-corporate-trends-from-the-first-9-months-of-2016/.
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