Retail/Wholesale Insolvencies Up 3% Year-On-Year In February (2)
Published on Mar 7 2014 1:58 PM
The latest Business Barometer report from Solocheck has found that the number of insolvencies in the wholesale and retail sector was up 3% year-on-year in the month of February.
This compares with an overall decrease in Irish company insolvencies, which dropped 31% year-on-year. 93 Irish companies were declared insolvent between February 1st and 24th, the report stated, a decrease of close to a third from a year earlier.
The wholesale and retail sector accounted for 19% of company insolvencies recorded during the month, the highest proportion by sector.
The construction sector, meanwhile, showed the most improvement, accounting for 14% of the insolvencies recorded, down from 21.5% in the previous February.
An average of 50 new companies were set up each day in the month of February, resulting in a total of 1,214 companies for the month.