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’

PwC estimated that there is currently a debt overhang of at least €10 billion. Picture: Getty

Almost 4,500 Irish businesses — or approximately 50 per week — were saved by government supports from going bust during the pandemic, with many likely requiring “additional support” to repair their balance sheets, according to a new report.

Analysis conducted by PwC, the professional services firm, found that the overall insolvency rate (comprising receiverships and liquidations) was 14 per 10,000 companies in 2021, down 87 per cent from its peak in 2012.

The highest rate ...