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01/11/2011
Irish Business Insolvency Soars
Construction companies alongside business and professional service firms have been ranked as the worst affected by the recession in Ireland, according to figures released by Vision-net.ie.
A total of 172 companies were declared insolvent in October.
Vision-net.ie managing director Christine Cullen said: "The level of business failures continues to be stubbornly high. There are few real signs yet of recovery in the domestic sector, with professional services firms starting to creep in the wrong direction."
A stress test by the business information and credit risk firm which analysed 14,741 companies found that 5,983 are seen as being high risk (41%), 2,935 are seen as medium risk (20%) and 5,823 are seen as being low risk (39%).
(GK/LB)
A total of 172 companies were declared insolvent in October.
Vision-net.ie managing director Christine Cullen said: "The level of business failures continues to be stubbornly high. There are few real signs yet of recovery in the domestic sector, with professional services firms starting to creep in the wrong direction."
A stress test by the business information and credit risk firm which analysed 14,741 companies found that 5,983 are seen as being high risk (41%), 2,935 are seen as medium risk (20%) and 5,823 are seen as being low risk (39%).
(GK/LB)
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