Issue 161 (Week ending 26/02/2013)

The number of insolvent Irish companies recorded this month is down almost a third compared to same period in 2012.

These results continue the positive trend from January 2013 where a 21% drop in insolvencies was recorded.

Figures covering the period 1st - 25th February 2013 show that 140 companies were declared insolvent - an average of 6 per day - which represents a 32% drop on the same period in 2012 when 205 insolvencies took place. This February saw 99 companies be liquidated, 39 enter receivership and the remaining two have an examiner appointed to them.

44% of insolvent companies had an address in Dublin with Cork and Kildare, between them, recording a further 18% of insolvencies - 10% and 8% respectively. 95 companies held, or will hold, a meeting of creditors to appoint a liquidator in February. These companies owe a combined debt of €20.8m to their short term creditors.

Figures for February also reveal that 3,418 companies and businesses were started - up 7% on the same period in 2012 - an average of 136 start-ups per day. 2,277 of these were registered businesses with a further 1,141 new companies being incorporated.

Figures for non-payment of debt show that 554 registered consumer and commercial judgments worth €29.4m were awarded by the courts in January 2013. 396 of these worth €26.4m were awarded against consumers - meaning an average judgment value of just over €66,661.