Business insolvencies surge to highest level in six years as higher costs continue to bite

The number of corporate insolvencies in Ireland have risen to their highest level in six years as business continue to struggle in the face of soaring costs, higher interest rates and weakening consumer demand.

New figures compiled by Deloitte Ireland show a major spike in the number of corporate insolvencies recorded in the first quarter of this year with 214 businesses going under – a 47 per cent increase on the same period last year.