The number of company failures has increased by 20 per cent this year to an average of five per day.

A total of 1,829 companies collapsed in the first 11 months of the year, leaving behind €1.15 billion in debts, according to figures released yesterday by business intelligence analysis company Vision-net.

Liquidations accounted for 73 per cent of the companies that closed in the 11 months to the end of November, with receiverships (26 per cent) and examinerships (1 per cent) making up the remainder.