New figures show that 1,094 insolvencies were reported in the first nine months of 2009, with predictions that this will rise to 1,400 by the end of the year.
The figures are contained in the latest update from Kavanagh Fennell's online solvency publication, InsolvencyJournal.ie.
Kavanagh Fennell says the number of insolvencies for the first nine months of the year represents a 127% increase over the same time last year, during which 480 cases were reported.
It adds than when compared to the same time in 2007, the number of insolvencies represents a four-fold increase, with just 259 insolvencies recorded.
The construction industry has been the most severely impacted sector, with 324 involvencies reported. This is followed by the retail sector, with 165 insolvencies, and the hospitality sector, with 129 cases. A high number of insolvencies have also been reported in the manufacturing sector (90) and the motor industry (47).
A total of 109 insolvencies were reported in September, today's figures reveal, less than the 132 reported the previous month. There were 92 voluntary liquidations compared to 100 in August, while the number of receiverships also fell from 17 in August to nine in September.
However, the number of examinerships rose from four in August to seven last month.
