Four companies went out of business every day last year, according to InsolvencyJournal.ie, which forecasts that the year ahead will not be much better.
Overall, 1,400 Irish companies were declared insolvent in 2009, an increase of 82% on the previous year and up 287% on 2007.
The worst hit were the construction, services and retail sectors where some familiar names including Smart Telecom, Chartbusters and O'Brien's Sandwich Bars ended up in examinership.
The InsolvencyJournal website is run by Kavanagh Fennell - a company which specialises in dealing with failed businesses. The services and hospitalities sectors experienced more than 400 insolvencies. In manufacturing, 123 companies failed.
As consumer spending dried up, the motor trade was badly hit with 58 companies going out of business.
Commenting on the figures, Ken Fennell, from InsolvencyJournal.ie said the number of insolvencies in 2009 was in line with its original predictions back in February. 'For the coming year the outlook remains pessimistic as the rate of insolvency will be similar to 2009 with a peak mid-year followed by a gradual reduction in the last quarter of 2010,' said Mr Fennell.
