Running out of road: insolvency experts warn of a deluge of business failures in 2024

Analysts from PwC and Deloitte expect up to 1,000 firms will go to the wall this year in the face of unsustainable debts, higher interest rates and surging costs

Analysts say certain sectors are particularly vulnerable in the current economic climate, including hospitality and retail. Picture: Getty

Insolvency experts are gearing up for a busy 12 months. New figures released this week paint a stark picture for small businesses in Ireland, with insolvencies surging to their highest level since before the pandemic.

As costs continue to rise and pandemic supports are phased out, new figures released by both PwC and Deloitte showed a surge in corporate insolvencies in the first quarter of 2024, with both firms warning of many more before the ...