New figures show that the number of companies unable to honour their debts was 27% higher in the first six months of this year compared to the same time last year.
Almost 800 companies went out of business between January and June - that represents four companies a day. Insolvency Journal.ie says Dublin firms account for 40% of the total.
The number of insolvencies among Irish companies was higher in the first six months of this year than in all of 2008.
While manufacturing, wholesale and other export-led companies are doing better than expected, one in three company failures this year has been in construction. 75% of all insolvencies are made up by building, services, hospitality and retail firms.
The number of companies going into receivership is also on the increase and is already 174% higher than in the first six month of last year.
It is predicted that the situation for companies operating in the domestic market will get worse before it gets better, as the unavailability of credit continues to cause problems for business.
