Figures from information group Experian show that company liquidations in Ireland over the past year have more than doubled since 2007.
Experian says there were 575 liquidations in 2008 compared with 273 in 2007. According to the company, there has also been a sharp rise in the numbers seeking protection from creditors by going into examinership.
67 examiners appointed to companies during 2008 compared with just 25 in 2007, while receivers were appointed to 57 companies this year, against just 15 in 2007.
'These figures speak for themselves and show clearly how the recession is affecting Irish business,' said Jim Kennedy, head of operations with Experian Ireland. He added that the construction, retail and transport sectors were the worst affected.
Mr Kennedy also said the number of judgements, winding-up petitions and creditors' meetings was up 50% on 2007, with a 70% annual rise in the final quarter. 'The increase in the number of judgements being registered is a good indication of the number of companies in trouble who may subsequently fail,' he said. Mr Kennedy said this would suggest that the first quarter of 2009 will show no let-up in the number of company failures.
