- by Patrick Cooney on 02/03/2020
Data analysed for our Business Barometer: Annual Review 2020 has shown a staggering decrease in company insolvencies over the past nine years. 2019 saw the lowest number of company insolvencies since the economic crash, with 617 cases reported during the year. This number is a strong indicator of the continued economic growth in Ireland over the past five years.
Company insolvencies reached 2,019 cases at the height of the crash in 2011 working out at 39 insolvencies per week, compared to only 12 per week in 2019, a 69% drop. Bar a slight blip in 2017 which saw 1,018 companies go insolvent, there has been a steady year on year decrease since 2011, clearly showing how Ireland has entered into and emerged from, a period of recession.
Company Insolvencies: 10 Year Trend -
As you can see above, the rise and fall in Irish company insolvencies during this period, helps us understand the severity of the situation we faced and the progress that we have made and continue to make every year.
With regards to 2019 the types of insolvencies were broken up into 495 Liquidations, 95 Receiverships and 27 Examinerships.
The industries with the most insolvencies during the year were Professional Services (128), Wholesale & Retail (87) and Hospitality (66).
This is the final article in the series focusing on statistics from our CRIF Vision-Net's Annual Review 2020 we hope to bring you just as promising stats next year as we did this year - watch this space!
For more information on company insolvencies read CRIF Vision-Net's Annual Review 2020 below:
Taking a closer look at the 'risk levels' of top sectors of Ireland's economy