State officials dismiss prospect of insolvency ‘tsunami’

Business failures rose by 25 per cent in 2023, but officials in the department of enterprise say insolvencies are up on ‘historically low’ levels

Department of Enterprise Officials have insisted that insolvencies were still below pre-pandemic levels. Picture: Getty

There is “no clear evidence” that Ireland is facing a “tsunami” of insolvencies, even as the number of failing businesses continues to rise, according to officials at the Department of Enterprise.

Fiona O’Dea, principal officer at the Department of Enterprise, told the Oireachtas Enterprise committee on Wednesday that while there were a growing number of insolvencies and companies engaging in examinership or other state rescue programmes, they were still “below pre-pandemic levels”.

“The PwC insolvency ...