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Articles

Insolvency Rate for Irish Companies, Reduced by 15% in 2017

Written by: Editor

According to a recent study conducted on companies operating in Ireland, the insolvency rate registered in 2017 declined by 15%. At the level of 2017, 874 companies had to start the insolvency procedure, down by approximately half compared to 2012, when numerous businesses experienced economic difficulties. Our team of specialists in company formation in Ireland can offer in-depth assistance on the legislation referring to the manner in which insolvency procedures are carried out here. 
 

What is insolvency ?

 
Insolvency is the legal procedure in which a company enters when it can no longer pay its financial obligations to its lenders. Investors interested in opening a company in Ireland should know that insolvency proceedings are begun at the moment when the company’s liabilities exceed the amount of debts of the respective business. 
 

Insolvency for Irish companies in 2017 

 
In 2017, the companies that started the insolvency proceedings in Ireland were generally represented by creditors’ liquidations and receiverships (28%). Insolvencies in Ireland were also concluded as court liquidations and examinerships
 
In terms of the business operations of the Irish companies that applied for insolvency, the highest rate was registered for businesses operating in the services sector (approximately one third of all the insolvencies carried out in 2017), a large share being represented by the real-estate agents and brokers. Our team of agents in company registration in Ireland can advise on the regulations related to these economic sectors. 
 
The other top business sectors were represented by the following: 
 
construction sector;
hospitality industry
 
5% of the Irish insolvencies derived from businesses operating in the manufacturing industry. It is important to know that the rate of Irish insolvencies registered in 2017 was in line with the averarage rate of the previous five years. 
 
The top regions for insolvency proceedings were the following: 
 
Leinster region (approximately two thirds of all the insolvencies);
Munster.
 
The manner in which corporate insolvenies are carried out in Ireland is given by the Companies Act and the Conveyancing and Law of Property Act.
 
Foreign businessmen can contact our team of consultants in company formation in Ireland for in-depth advice on the provisions prescribed by the above mentioned laws concerning insolvency proceedings.  
 

Comments

  • Albert 2018-01-15

    This is a good sign that the local companies benefit from competitive regulations for performing business activities in this country.

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