Number of insolvencies to rise next year, says Isme boss

Despite the certainty that insolvencies among small firms will increase in 2023, Neil McDonnell says Isme is not in favour of supporting ‘zombie companies’ that can’t pay their way

Neil McDonnell, chief executive, Isme: ‘Our objective is to see 10 or 15 per cent of viable businesses rescued.’

The head of the Irish Small and Medium Enterprise Association (Isme) has said he expects to see insolvencies among small businesses increase next year. Neil McDonnell’s comments come as firms across the country continue to deal with rising energy costs and other inflation.

Just over 500 corporate insolvencies have been recorded in Ireland in 2022 so far, according to recent figures compiled by Deloitte, the professional services group.

“What was very unusual was that the ...