Issue 534 (Week ending 14/09/2022)

The first half of 2022 saw an encouraging 23% decrease in the number of company insolvencies, compared to the same period in 2021. The figures demonstrate the resilience of the Irish economy and suggest a hopeful economic pivot post pandemic.

Overall, there was a decline of 66 company insolvencies from 291 in 2021 down to 225 recorded during the same period in 2022.

The first two months of 2022 saw a substantial decrease in the figures recorded. January recorded 44 company insolvencies, compared to 84 in 2021. February documented the largest decrease of 71%, from 75 in 2021 down to 22 in 2022. On the other hand, March saw an increase in the company insolvencies, recording 61 compared to 34 in 2021, a noticeable increase of 79%.

April was a steady month, with the figures remaining the same for both 2021 and 2022, documenting 31 company insolvencies. Similarly to March, May took a significant jump of 48%, recording 31 company insolvencies in comparison to 21 in 2021. Finally, June documented a decrease of 10 company insolvencies, with 36 compared to 46 in 2021.

Regional Analysis

As the capital of Ireland, with the largest population, it is not surprising that Dublin recorded the highest number of company insolvencies across all of the counties. That being said, there was a notable decrease of 25%, from 179 in 2021 to 134.

Following the same pattern, Galway recorded a decline of 8 company insolvencies from 20 in 2021 to 12. Closely accompanied by Cork, which documented a 27% decrease from 22 to 16.

However, Limerick reported an increase of 56%, from 9 in 2021 to 14 in 2022.

It is worth noting that Carlow, Donegal, Leitrim and Waterford all recorded 0 company insolvencies in the first six months of 2022.

Industry Overview

As a whole, there was a 19% decrease of company insolvencies recorded across all sectors, from 272 recorded in 2021, to 220 this year. The leasing sector increased significantly from just 8 company insolvencies recorded in 2021, which escalated to 49 in 2022. Similarly, the real estate sector figures saw an increase of 24%, from 24 company insolvencies to 32.

Furthermore, the Legal, Accounting & Business sector documented a sizeable decrease from 59 in 2021 to 11. In a similar light, the Hotel and Restaurant sector recorded a significant increase of 72%, from 18 company insolvencies to 5. Likewise, the Manufacturing sector took a dip from a recorded 18 company insolvencies in 2021, to just 3 this year. Lastly, the Education sector was the only sector to record 0 company insolvencies in 2022, compared to 2 during the same period last year.