Issue 193 (Week ending 29/10/2013)

The number of companies declared insolvent in October 2013 (93) dropped by a third on the same period in 2012. 65 of the insolvent companies this October were liquidated with 21 entering receivership and 7 having an examiner appointed.

Liquidator appointments were down 32% on the October 2012 figure while receiverships dropped by 51%.

The worst affected industries this October were professional services, construction, wholesale & retail, manufacturing and real estate who, between them, account for almost 75% of company insolvencies.

Figures for September 2013 show that 450 registered commercial and consumer judgments were awarded by the courts - these judgments were worth E40.6m.

Of these, 295 judgments worth E30.5m were awarded against consumers with the Revenue Commissioners, credit unions, banks, real estate and local authorities making up the bulk of the creditors.

While the number of consumer judgments awarded in September 2013 and 2012 remained in line (295 v 296) the value of these debts has increased. September 2012 saw an average consumer debt judgment of approximately E63,000. This increased by an average of E40,000 to E103,000 this September.