About five businesses went out of business every day in February, according to InsolvencyJournal.ie, a website run by Dublin insolvency firm Kavanagh Fennell.

There was a 33 per cent rise in the number of companies declaring insolvency during February, rising to 146 from 110 the previous month.

Dublin companies accounted for 38 per cent of the insolvencies, while the construction industry was the worst affected, with 47 building firms becoming insolvent.

The number of insolvencies in the retail sector rose to 26 from 12.

The number of receiverships fell to 17 in February from 21.

Ken Fennell, an accountant at the firm, said the February total was the second highest monthly total for insolvencies after December 2009.

“If the trend continues, total insolvencies this year could exceed the 1,406 insolvencies recorded in 2009,” Mr Fennell said.