Company involvencies down by 18pc in 2013 – Vision-net

In November, 130 companies, 58pc of which have a Dublin-registered address, were declared insolvent. Of those, 65 were liquidated, 52 entered receivership, and an examiner was appointed to 13 companies.

Vision-net’s figures show that 84 companies held creditors meetings this month – a 26pc fall on November 2012 – with the total amount owed by these companies just under €40m.

November has recorded 2,550 company and business start-ups, an average of 102 each day. While this is 8pc down on the number for the month of November 2012, the overall year to date analysis shows company start-ups are up 9.4pc over the same period last year (1 January – 25 November, 2013).

Vision-net’s figures show that during October the courts awarded 460 commercial and consumer judgments, worth €34.2m against creditors. Of these, 224 judgments (49pc of all judgments) worth €10.1m were awarded to the Revenue Commissioner.

‘Data from November brings further good news on Ireland’s economic recovery,” said Vision-net managing director, Christine Cullen. “The fall in the number of insolvencies and increase in number of company and business start-ups are both strong signs of economic growth.

“Yet some sectors remain vulnerable. The higher-than-average proportion of companies in the hotels and restaurant sector at high risk of failure, is but one. A buoyant festive period is critical for this sector, with the lower rate of VAT and improved consumer sentiment and spending likely to have a positive effect on the sector.

“Overall, our data on economic activity indicates that the pattern of tentative economic recovery has continued into November. This corresponds favourably with wider economic signals such as this week’s 12.8pc drop in unemployment figures, the uplift in house prices and increased job creation.”

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