business

Inflation drives insolvencies up by 54% in year to Q3

185 insolvencies occurred from July to September, with Cork seeing the highest volume of new cases

Christine Cullen, managing director of CRIFVision-Net: “This interplay between inflation and interest rates has undoubtedly had an influence on the insolvency landscape”

Persistent inflationary pressures saw insolvencies increase by 54 per cent year-on-year in the third quarter of 2023, according to new CRIFVision-Net data.

Research conducted by the credit risk analyst found 185 insolvencies occurred in the three months to September, up from 120 in the same period last year.

The rise coincides with an increase in the number of Irish start-ups, with the number of start-ups rising by 12 per cent.

The main sectors impacted by ...