Insolvencies increased by 140% in the first three months of this year, compared with the same period last year.
Figures released today by insolvency firm Kavanagh Fennel show that total insolvencies in January, February and March came to 329 compared to 137 for the same period last year, and 78 for the first quarter of 2007.
The construction sector has seen 108 firms unable to pay their debts, followed by 58 in the hospitality sector and 57 in retail.
The company says that if the trend were to continue throughout the year, total insolvencies could double to 1,500 for the year, compared with 773 for 2008.
