There has been a sharp decline in the number of companies collapsing this year, according to figures released yesterday by Dun & Bradstreet, the publisher of Stubbs Gazette.

The total number of company failures over the first six months of this year was 287 compared with 333 during the same period last year. "Irish companies are benefiting from the combined effect of a 4 per cent cut in corporate income tax, and the sharp interest rate cuts required for EMU membership," said Mr Greg Connell, managing director of Dun & Bradstreet.

However, corporate failures are still 2 per cent higher than they were for the same period in 1997.