Issue 624 (Week ending 21/02/2024)

In 2023, Ireland witnessed a total of 8,030 companies dissolved over the 12 month span. It should be noted that most companies can be dissolved for reasons other than insolvency, such as reaching the natural end of its lifecycle, to the director retiring, and so on. That being said, this figure is down 5.3% on 2022, which saw 8,457 companies dissolved.

In contrast to this, the number of company insolvencies spiked last year, increasing 45% in 2023 to 679. This figure is broken down further, by month of highest insolvencies, and industry. December recorded the highest number of company insolvencies, with a total of 113, and the most insolvent sector was Legal, Accounting, and Business, at 112 insolvencies recorded in 2023.

On the matter of bankruptcies and personal insolvency, 72 Bankruptcy cases were recorded in 2023, and 315 Personal Insolvency Agreements. Companies and business managers understand the importance of fully risk checking their clients, customers, and business partners, to minimise risk and their exposure to bad debt judgements.

The importance of checking your customers was emphasised in 2023, as the value of Bad Debt Judgements registered in 2023 increased by 43%, and the number of Judgements also increased by 67%.

CRIFVision-net has the data, tools, and intelligence to correctly predict over 80% of insolvencies, on average 6 months before they happen. Our credit reports use the latest technology along with key critical risk factors to protect businesses like yours, by empowering them with the information and intelligence needed for business readiness.

The 2023 Annual Review of Business in Ireland includes insights like these, and more.

To find out more, call us on Tel: (01) 903 2660, or email us at solutions.vision-net@crif.com to learn more.