- by Amy McNeice on 16/08/2023
Corporate insolvencies in Ireland are continuing to rise, despite the relative health of the Irish economy. In fact, according to our most recent research, the first six months of 2023 saw a 48% year-on-year increase in insolvencies, with 410 insolvencies recorded in H1.
Unfortunately many of the above 410 companies may leave creditors behind with thousands of euros of bad debts and unpaid invoices.
Knowing in advance that a key customer or supplier is showing signs of potential failure, can be a life saver for any business. It allows for corrective positive proactive action to be taken. To minimise exposure. This can be to reduce the number of days of credit or a stronger focus on credit control for higher risk customers.
On average Vision-net is predicting up to 80% of business failures before they happen. Often up to six months before an insolvency occurs. This allows for a business to create contingency plans in advance of a high risk red flag, especially if there is a reliance on a key customer or supplier.
To give you an example of how powerful our systems are at predicting business failures, here is a small snapshot of companies who recently scheduled a meeting of creditors to appoint a liquidator click here. Each and every one of these Business failures were predicted by Vision-net.ie.
We have created a unique solution to alert our customers of any potential changes in the status of the companies that matter the most to them. This highly innovative service works by proactively scanning not only filings in the CRO but also notices published, we call it RiskWatch.
RiskWatch will provide you with instant online alerts on companies you search for on Vision-net. Whether they have had a liquidator appointed, a meeting of creditors, or simply just filed new documents with the CRO, you will be the first to know.
The best part is, Riskwatch is a complimentary service to your Vision-net account, so you will get information as fast as possible, completely free of charge.
If you would like to learn more about RiskWatch, give us a call on 01 903 2660 or email us at solutions.vision-net@crif.com.
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