875 corporate insolvencies were recorded last year – the highest number since 2016.
New figures from Deloitte show that SMEs continue to be the worst affected.
The services sector recorded the highest number of insolvencies, followed by hospitality and retail.
There was a significant increase in the retail and hospitality sectors, up 64% and 48%.
Leinster had the highest number of insolvencies last year with 677 – that’s just under 80% of all insolvencies recorded.
The report lists a number of reasons for the high levels on insolvencies.
These include the higher cost of doing business for SMEs, the ending of the debt warehousing scheme, and limited working capital supports.
Unfortunately, the outlook isn’t much…
