Reduction In Number Of Companies Going Out Of Business

New figures reveal that the number of companies going out of business is falling: in the first four months of 2013 there were 493 cases of business failure, almost 100 less than the same period last year, in which 587 cases were recorded. The findings, which were published yesterday by insolvency and corporate recovery specialists, Kavanagh-Fennell, showed that there were 146 business failures during the month of April, a 5% decrease on the 154 recorded during the same period a year previously. Notable cases during the month included the appointment of receivers to the Point Village, the Bord Gáis Energy, while in the hospitality trade, the month also saw Foley's and Reilly's bars on Dublin's Merrion Row going into examinership. Overall, corporate insolvencies in the hospitality sector grew from 11 during March to 25 in April. Commenting on the findings, Kavanag-Fennell company partner David van Dessel said, "We would anticipate the overall level of corporate insolvencies to continue at the current pace for the remainder of the second quarter."