New figures show that seven Irish companies went under every day in October.

Figures from Vision-net, which cover the days from October 1 to October 25, show that 168 companies were declared insolvent. This is up 39% on the same month last year.

Of those, 110 were liquidated, 54 went into receivership and an examiner was appointed to four companies.

Vision-net noted that receiverships more than doubled from the same time last year. 

This month's figures included receivers being appointed to ten companies to which businessman Bill Cullen was linked.

Breaking down the figures, they show that Dublin accounted for 48% of all insolvencies, while Wexford had the second highest level on 10%.

However, the business and credit risk analyst firm also reported that new company and business start-ups rose by 19% in the month of October compared to the same time last year. A total of 3,053 new businesses were established - this averages about 122 start-ups a day.

Vision-net said that in the first nine months of the year a total of 10,439 companies were formed, but 10,635 collapsed - giving a net loss of 196.

Businesses in the professional services, construction, wholesale and retail, property, social and personal services and manufacturing made up 72% of closures so far this year.

''While the economy remains challenging, companies can get a better fix on opportunities and pitfalls in doing business by professionally researching the trading environment and making key decisions based on sound intelligence,'' commented the managing director of Vision-net Christine Cullen.