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

Statistics from Deloitte indicate long-awaited increase in business failures may have begun to materialise. Picture: Getty

A wave of business failures may be beginning to hit Ireland as spiraling energy costs, rising interest rates and the damage of the Covid-19 pandemic force businesses over the edge, a leading insolvency practitioner has said.

David Van Dessel, a partner at Deloitte’s financial advisory business, said the number of corporate insolvencies forecasted for the first nine months of the year had jumped by more than a third from 278 in 2021 to 378 this ...