- by VisionNet on 30/01/2013
The number of businesses collapsing this month is down by over one-fifth compared to the same month last year, according to the latest figures from Vision-net, Ireland's leading business and credit risk analyst.
Vision-net's figures, covering the period between January 1 and 28, show that 101 business collapsed - a 21% decrease on the same period in 2012. Of those, 75 were liquidated, 24 entered receivership and an examiner was appointed to two companies.
A county-by-county breakdown of the figures for this month shows that Dublin accounted for 35% of all insolvencies, with Cork the second highest on 17%. In all, 89 companies held meetings of creditors showing short-term debts of more than €38 million.
Vision-net's figures recorded 2,986 company and business start-ups this month - down 3% on the same period in 2012 - showing an average of 106 start-ups per day. Of these, 1,810 were registered business names while 1,176 new companies were incorporated.
In the hospitality sector, over two-thirds of companies were deemed high risk while, in construction, 58% of firms were in danger of collapse.
Vision-net's figures for December 2012 show that 397 registered commercial and consumer judgements worth €25.3 million were awarded in the courts. Of these, 218 judgments worth €22.1 million were awarded against consumers in December - an average of over €100,000 per judgement.
Christine Cullen, Managing Director of Vision-net, said January's figures are encouraging.
"Our figures have recorded almost 3,000 start-ups so far this month. This, coupled with 21% drop in the number of companies declared insolvent, shows some tentative signs of recovery in the domestic economy. New companies, as well as those already established, should give themselves the best possible chance of success by researching the marketplace before making decisions with their money. Professional credit check and risk analysis services can save money in the long run," said Ms Cullen.
Almost 105,000 women are directors of Irish companies - up 14% since the start of the recession, according to Vision-net, Ireland's leading business and credit risk analyst.
- Almost 14,000 companies set up in 2012