More than two companies a day are being wound up according to ICC Information, one of Ireland's top credit raters.
The group is involved in credit rating of companies north and south of the border and says the construction industry accounted for almost a quarter of firms in difficulty.
More than 50% of companies holding creditors meetings were in Dublin, with only over 10% in Cork.
ICC Information says companies in difficulty had debts of €1.18bn, according to the latest accounts filed.
Court judgements continue to be a leading indicator of insolvency.
Close to 20% of companies holding creditors meetings last year had at least one court judgment against them.
ICC has said that there needs to be a greater understanding of the risk associated with extending credit to certain companies and the early warning signs of difficulty need to be identified.
The ICC information statistics come on the back a survey published this morning that indicates that banks have refused more than half the number of requests for loans and overdrafts in the past three months.
The research was carried out by the Irish Small and Medium Enterprises organisation.
It claims that the banks have shut up shop and that business closures and job losses are directly linked to a lack of credit.
ISME's Chief Executive Mark Fielding said Government intervention is required to save thousands of businesses.
