There will be close to 1,000 corporate insolvencies this year after finalised figures for 2023 came in higher than expected at 717, according to the latest insolvency barometer from professional services company PwC Ireland.
The accountancy giant said there had been an uptick in business failures in the fourth quarter of 2023 and that having reached two per day across the year as a whole up from an average of one per day in 2021 insolvencies will move towards three per day this year.
An increased level of loan defaults within the commercial real estate sector is expected in 2024, it warned.
Although the number of lender-initiated receiverships remained relatively low at 105 last year, this was up from 83 in 2022, with PwC predicting a …
Read the full article at: https://www.irishtimes.com/business/2024/01/08/corporate-insolvencies-will-occur-at-rate-of-almost-three-per-day-this-year-forecasts-pwc/