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Insolvencies fall in worst-hit areas of the economy

The number of new businesses being launched is up sharply across all sectors.

There were 983 new companies formed in August – up 8.4pc on the same period last year.

It breaks down as 38 start-ups launched every day last month.

Construction, real estate and finance are seeing a significant increase in the number of new company start-ups.

That’s according to research by Vision-net, a company that provides credit and business information and analysis to industry.

Based on documents filed with the Companies Registration Office (CRO), the data shows industries most hard hit by the economic downturn have shown continued signs of improvement in August 2014.

Manufacturing suffered 50pc fewer insolve

In the motor industry there were no insolvencies during August, according to the research.

However, across all sector the overall number of company insolvencies actually increased by almost a fifth – rising to 108 in August 2014 compared to 91 a year earlier.

Dublin was home to 45pc of insolvencies, followed by Cork with 19pc and Galway at 6pc.

August’s figures were “good news for industries hit particularly hard by the recession,” according to Christine Cullen, managing director of Vision-net.ie, pictured above.

“The sectors which experienced a marked decline in business during the recession, particularly construction, real estate and manufacturing are beginning to show signs of recovery. A pick-up in these key sectors is good news and critical to Ireland’s continued journey back to growth.

Construction company start-ups were up 30pc in August and the number of finance start-ups doubled.

There are still signs of deep financial distress across the economy however. There were 390 bad debt judgments in July, with combined debts of €33m.

Article Source: http://tinyurl.com/kbwqb42

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