Research published today shows a sharp rise in insolvencies since January.
According to the latest update from Kavanagh Fennell’s online insolvency publication InsolvencyJournal.ie, there been 1,094 insolvencies in the first nine months of this year, a 127 per cent increase over the same period in 2008 during which time 480 insolvencies were reported.
When compared to the same period in 2007, these statistics represents a fourfold increase with 250 insolvencies recorded.
The firm is predicting the number of insolvencies will increase to 1,400 by the end of the year.
From January to September, construction has been the most severely affected sector due to the economic downturn, with 324 insolvencies recorded.
Following construction came the retail sector, with 165 insolvencies, and the hospitality sector, which saw 129 "reflecting the impact of declining consumer spending".
Kavanagh Fennell also noted that a high number of insolvencies have also been reported in the manufacturing sector (90) and the motor sector (47).