10 companies a day went under in August, making it one of the worst months for insolvencies this year, according to data released by Irish company information service Vision-net.ie.
The data shows 205 companies were declared insolvent last month with either a liquidator or receiver appointed. It is a 68 per cent increase on the figure for August 2010 and is the second-worst month for insolvencies this year. April was the worst, with 215 insolvencies recorded.
The Vision-net.ie data shows over a third (69) of the insolvent firms had an “unsatisfied mortgage”, meaning bank loans taken out by them will at best be only partially repaid. Christine Cullen, of Vision-net.ie, said: “The rise in August is worrying as we approach the final few months of the year.”
