There were 219 corporate insolvencies in the first quarter of 2017, representing a 13 per cent decrease on the previous period, according to the latest figures from Deloitte.
Of the total, Creditors’ Voluntary Liquidations (CVL) accounted for the majority with 114 recorded in the period (52 per cent) closely followed by receiverships at 86 insolvencies (39 per cent).
There were seven court liquidator appointments in the period, down from 12 in the comparable quarter.
While examinerships continue to remain at low levels, there is a significant increase in appointments compared to the same period last year, Deloitte said.
A breakdown of the figures by industry sectors showed that the service sector recorded the most corporate insolvencies, with 76 (35 per cent of the total). In second place was the construction industry with 36 insolvencies (16 per cent).
Geographically, the highest number of corporate insolvencies in the period was recorded in Leinster with 64 per cent (141) of the total appointments while Munster recorded 24 per cent.
“Early action by business owners remains imperative for successful restructuring,” David van Dessel, Deloitte’s head of restructuring services, said.
“I would urge company directors to seek assistance in addressing their financial difficulties before it’s too late to save the company.”