Four companies a day went bust between January and September this year, according to new figures revealed today.
A total of 1,132 companies have gone out of business in the first nine months of the year, an increase of just over 12.5% on the same time last year.
The figures, from www.InsolvencyJournal.ie, show that the number of companies in Ireland becoming insolvent rose sharply in September after a seasonal low in August.
The numbers rose from 95 in August to 120 last month.
The report says the figures for the third quarter of 2010 are down marginally on the same time last year - 340 from 381.
But it warns that the number is expected to rise for the final quarter of 2010.
Last year a total of 403 insolvencies were recorded in the last three months of the year, almost one third of the yearly total.
Insolvencies for 2010 are likely to hit the 1,500 mark as the trading environment remains challenging for businesses.
The construction industry - with 42 insolvencies - was again the hardest hit sector last month. 351 building companies have gone bust so far this year.
The services industry has also been hard hit with 20 firms going under in September, bringing the total so far this year to 207. 16 retail sector businesses went bust last month, while the hospitality sector saw 15 failures.
The figures also show that receivers were appointed to 18 companies in September, bringing the total so far this year to 173.
On a quarterly basis, the total of 55 for the third quarter is an increase on the figure of 46 for the same time last year.
The number of examiners appointed last month showed a big drop on the same time last year. Two appointments were made - Aer Arann and several companies in the home building McInerney Group. This compared with seven in September 2009.
