The number of business failures has risen sharply this year compared after a precipitous decline in corporate insolvency rates during the pandemic due to the availability of various Government supports. Meanwhile, just 22 companies have availed of the new rescue procedure for small businesses, a Deloitte report has highlighted, a take-up rate of only 4 per cent.
Some 500 company insolvencies have been reported in the year so far an increase of 29 per cent from 2021 when a total of 401 insolvencies were reported for the full year, the professional services giant said on Monday.
David Van Dessel, financial advisory partner at Deloitte, said the figures show that the economy is moving towards pre-pandemic levels of insolvency activity, giv…
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