According to a Freedom of Information request made by real estate adviser Altus Group, a total of 298.07 million was paid out by The Insolvency Service to former employees of business which ran into trouble during 2018.
It was the highest level for five years, with the high street crisis contributing to the increase.
The number of retail insolvencies rose by 9.5% while insolvencies at food and beverage establishments were up 17.9%.
Insolvency Service payments comprised 196.36 million of redundancy pay and 59.85 million in wages which would have been earned working a notice period.
The rest went on holiday pay, unpaid wages, overtime and commission.
This included companies which entered administration, liquidation, company voluntary arran…
Read the full article at: https://www.independent.ie/world-news/taxpayer-foots-300-million-bill-for-insolvency-payouts-to-former-staff-in-2018-37849771.html