170 Irish firms collapsed every month in 2011
January 4th, 2012 - 3:11 am ICT by IANSDublin, Jan 4 (IANS) Ireland witnessed closure of nearly 170 companies each month in 2011 owing nearly 1.2 billion euros ($1.6 billion) in unpaid debt, according to latest statistics released Tuesday.
As per a survey by business intelligence analyst Vision-Net, a total of 1,930 Irish companies failed between January and December 2011, Xinhua reported, adding that the figure indicates a 20-percent increase year on year.
Vision-net’s figures show that the companies in the hotel and restaurant sector were hardest hit by the recession. Of the 5,000 companies analysed in the hospitality sector, 3,401 were deemed to be at high risk.
In 2011, a total of 181 companies in the hospitality sector closed.
Altogether 9,529 construction companies out of the 16,145 analysed showed signs of business failure. Almost half of the 14,536 real estate companies examined were considered to be in danger of insolvency.
On an average, five companies were declared insolvent every day in 2011, said the survey’s findings.
- Bharti Airtel quarterly net income down 28 percent (Lead) - May 02, 2012
- Business bankruptcies in Spain rise - Apr 10, 2012
- Bharti Airtel quarterly net income declines 28 percent - May 02, 2012
- Electrolux income drops in 2011 - Feb 03, 2012
- Swedish firms to raise investment, tap new sectors - Dec 05, 2011
- Hiring lower in India Inc: Survey - Oct 19, 2011
- Tata motors Q1 net profit up 1.4 percent - Aug 11, 2011
- UCO Bank's Q3 net jumps 10 percent (Lead) - Feb 01, 2012
- Mexican oil firm ends 2011 with net loss of $6.5 bn - Mar 01, 2012
- TCS shares surge 12 percent on robust earnings - Apr 24, 2012
- TCS shares surge 12 percent on robust earnings - Apr 24, 2012
- UCO Bank's Q3 net jumps 10 percent - Feb 01, 2012
- India to create 1.6 mn jobs in 2011: Survey - Mar 31, 2011
- Infosys net up 33 percent in third quarter - Jan 12, 2012
- Chinese banks post record profits - Feb 19, 2012
Tags: business failure, business intelligence, closure, construction companies, dublin, high risk, hospitality sector, insolvency, intelligence analyst, ireland, irish companies, real estate companies, recession, restaurant sector, sector 3, signs, statistics, unpaid debt, xinhua, year vision