Business insolvencies in Ireland hit their highest level in six years according to research by PwC.
Insolvencies increased by 16 per cent, although they came in below expectations as the fourth-quarter saw a drop off in company collapses. The total figure for 2024 was 852, which was well shy of PwC’s forecast that insolvencies would breach the 900 mark this year.
The retail and hospitality sectors accounted for more than 40 per cent of all insolvencies.
Liquidations accounted for almost 80 per cent of all insolvencies last year, while receiverships made up less than 15 per cent. The average lifespan of companies declaring insolvency in 2024 was 13 years, with the shortest being just 10 months and longest being almost…
