Eight out of ten companies entering insolvency in the first three months of 2019 were incorporated more than five years ago, new figures show.
The data, which has been compiled by Deloitte, indicates that 195 companies entered insolvency during the first quarter, a marginal increase on the 188 insolvencies recorded for the same period a year earlier.
Some 21 per cent of insolvencies were for companies less than five years old, while 27 per cent was for businesses in the five to ten year bracket. Some 26 per cent were for companies aged between 10 to 20 years with 11 per cent for those aged between 20 and 30 years.
"Overall, the figures suggest that the steady decrease in corporate insolvencies observed over the last number of years may be levelling out," said Deloitte partner David Van Dessel.
Creditors’ voluntary liquidations (CVLs) accounted for 142 or 73 per cent of all insolvencies in the first three months, while the number of court liquidations nearly doubled year-on-year from 13 cases to 24.
“Looking towards the remainder of 2019, there is little evidence to suggest that the total corporate insolvency figure will not remain in or around 800 for the full year, which is more than double the incidence of corporate insolvency experienced before the recession of 2008; however that is leaving aside the unknown that is Brexit,” added Mr Van Dessel.