Corporate insolvencies have risen by almost a third with 329 businesses closing their doors in the first six months of 2023.
According to the latest insolvency statistics by Deloitte, the figure points to a return to 2019 levels, prior to the implementation of government supports for businesses during the pandemic.
In addition, the increase in business closures coincides with rising interest rates following eight consecutive hikes by the European Central Bank to curb inflation, with a number of ‘zombie businesses’ – those that could not be kept open without the help of government support – declaring insolvencies once they were removed.
Notwithstanding the recent surge in closures, insolvency numbers still …
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