2019 was not only a great year for Company Insolvencies which saw a year on year decrease in cases since 2017 but also for individuals who witnessed the same trend. The number of bankruptcy cases reduced by 36% in the period of Q1 to Q3 2019 compared to the same period in 2018 according stats from our Business in Ireland Annual Review 2020.
The value of these 183 cases equaled €368m, down from 2018's figure of €569m. The percentage decrease almost exactly mirroring the decrease of cases - 35%. While there was both a decrease in the cases and value, the average value of each case stayed the same at just over €2m.
2019 was not the first year to see a decrease in bankruptcy cases, each year for the past three years has seen less and less cases. The difference between 2016's and 2019's figure is 163 cases, a substantial reduction.
This positive trend is one that is evident in all aspects of the economy, whether it be the decrease in Bankruptcies, increase in Company Start-Ups or a decrease in Insolvencies the numbers show a continuing growth in the economy. However, one must not be complacent. It is still as important as ever to be vigilant and to take the precautionary steps in order to fully protect your business and investments. We at CRIF Vision-net continue to enable you to fully 'risk check' customers to minimise exposure to bad debts with solutions catered to your individual needs.
This is the final article in the series focusing on statistics from our CRIF Vision-Net's Annual Review 2020 we hope to bring you just as promising stats next year as we did this year - watch this space!
By Business Barometer.
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