Figures released today show that the number of Irish companies becoming insolvent increased last month.
The InsolvencyJournal.ie figures show that 1,392 companies have gone bust from January to the end of November, an increase of just over 11% on the same 11-month period in 2009. The number of insolvent companies in November totalled 142, an increase of 21 on the same month last year.
'The figures indicate that, as predicted, yearly totals are heading for 1,500 and traditionally the last quarter is the most active for insolvency activity,' said Ken Fennell, a partner in Kavanaghfennell, the firm which compiles the data.
The construction industry total increased again from 26 in October to 42 in November, the same figure as September and the third highest monthly total this year. In total, 419 construction companies have gone bust so far this year.
Other industries which showed an increase were the services industry, from 22 in October to 34 in November, and wholesale, with one in October jumping to eight in November. But there were fewer insolvencies in the retail and hospitality sectors compared with October.
