Insolvencies | Business Post

Prediction 1,000 Irish companies could go under in 2023 if global recession hits

A new study from PwC says business failures could cost the economy billions

Number of insolvencies to rise next year, says Isme boss

Despite the certainty that insolvencies among small firms will increase in 2023, Neil McDonnell says Isme is not in favour of supporting ‘zombie companies’ that can’t pay their way

‘Will we just have Michelin restaurants and bland coffee shops?’: Struggles of Irish hospitality

Skills shortages, rising costs of energy and ingredients, an impending Vat hike and dampened consumer confidence are a huge concern, with restaurants the most severely affected

Emergency measure extended to ensure companies are not wound up over €10,000 debts

The move comes as thousands of businesses struggle with issues such as supply backlogs and surging energy costs

Expert signals end to ‘corporate wonderland’ for failing firms

Graham Kenny, a partner at Eversheds-Sutherland, warns of a wave of insolvencies as state supports and creditor forbearance evaporate

Government moves to close bankruptcy repayment loophole

The Insolvency Service complained to the Department of Justice about an aspect of the legislation ‘being abused by practitioners and debtors’ to delay payments to creditors

Evidence of increasing insolvency rates, Central Bank deputy governor warns

Mark Cassidy’s comments come after the regulator last week said the Irish economy is entering a period of ‘considerable’ economic slowdown

Revenue gives struggling firms one week to clear debt

Companies one step away from enforcement action have been given seven days to pay tax debts or else face the sheriffs

Businesses face new year shock as Revenue sends in the sheriffs

Revenue sheriffs will seek to collect as much as €500 million in outstanding tax debt in Q1 of 2023 – just as firms struggle to cope with high fuel costs and the cost of living crisis

Revenue may call in sheriffs to collect up to €500m of business debt

End of Covid-19 tax warehousing scheme has raised fears over viability of many firms

Hundreds of businesses may fail before end of year, experts say

Corporate insolvency practitioners claim factors including rising energy costs, the loss of government pandemic supports and inflation will wipe out weaker companies

Corporate insolvencies expected to rise 36%

Businesses in the services sector in Ireland account for the highest proportion of corporate insolvencies with 195 in the first nine months of the year

Insolvency expert urges support in budget for embattled hospitality sector

Declan Taite, managing director at consulting firm Kroll Ireland, warned that there would be an increase in insolvencies due to inflationary pressures

Debtors to get one-week annual holiday allowance of up to €1,500

Under new insolvency guidelines, couples in debt-relief arrangements can earmark €1,500 for a break and single people can keep €1,000

‘Restructuring wave’ due to hit Ireland in next 18 months, analysts warn

PwC points to increased business failure rates in the first three months of 2022 as indicative of a possible acceleration in insolvencies that will continue into next year

Ireland criticised for sending people to prison for not paying fines

Some 285 people were imprisoned for the non-payment of fines in 2020

4,500 businesses kept afloat with government supports during pandemic

New report indicates that many retail and hospitality businesses evaded insolvency with the help of state aid but are currently on ‘life support’

Top liquidators in talks with Deloitte after setting up new firm

Five former Deloitte and KPMG partners are now aiming to set up an Irish arm of British restructuring firm Interpath Advisory

Is this the calm before the great insolvency storm?

This year has seen fewer insolvencies than expected, particularly in the hard-hit hospitality and retail sectors. How is this happening – and will fortunes shift when the pandemic supports wind down?

New SME rescue package ‘more ambitious’ than expected

New Scarp scheme will minimise legal red tape for small firms needing to restructure debt and onerous leases