Issue 360 (Week ending 29/01/2019)

2018 saw a significant reduction in Irish corporate insolvencies as well as a record number of new companies formed in the state.

There were 756 company insolvencies in 2018, a decrease of 26% on 1,018 in 2017...this lead to a downward trend in insolvencies in nearly every Irish sector and county.

Professional services was the most insolvent sector in 2018 (128, 17% of total insolvencies, down 41% on 2017), followed by construction (122, 16% of total, down 11%) and wholesale and retail (119, 16% of total, down 6%).

Dublin was the most insolvent county (316, 42% of total insolvencies, down 28%), followed by Cork (71, 9% of total, down 21%) and Meath (47, 6% of total, up 68%). Longford, Cavan, Roscommon and Leitrim all recorded fewer than five insolvencies in 2018.

In terms of company start-ups, 2018 was a record breaking year with 22,493 new companies formed. This is up 0.5% on 2017's figure (22,380) which was the previous record number.

Professional services accounted for the bulk of new start-ups in 2018 (4,575, or 20% of total new start-ups, up 4% on 2017), followed by finance (3,326, 15% of total, down 4%) and social and personal services (2,726, 12% of total, up 17%).

Dublin was the centre of new company start-ups in 2018. 10,313 new companies were established in the capital last year, nearly half (46%) of all new companies in Ireland, up 1% on the previous year. Cork followed (2,260 new companies, 10% of total, up 0.3%), with Galway in third (897 new companies, 4% of total, down 6% on the previous year).

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