COMPANY LIQUIDATIONS rose 71 per cent in the first half of this year, while six times as many receivers were appointed to recover debts from struggling companies, according to business information company, Experian.

Some 212 companies went into liquidation in the first six months, compared with 124 during the same period last year.

The building sector continues to be the worst affected industry. Companies in the construction and related sectors accounted for 62 per cent or 132 liquidations in the first six months of the year.

This compares with 40 per cent of liquidations in the same period last year.

Taoiseach Brian Cowen told business group Ibec on Wednesday that the number of new houses completed this year could fall below 40,000.

Housing completions totalled 78,000 last year.

The Economic and Social Research Institute said earlier this week that housing completions would decline to 40,000 in 2008 and to 30,000 next year.

Experian said the number of receivers appointed to companies to recover debts rose from four to 23 in the first six months of the year.

The number of High Court petitions to wind up companies jumped 80 per cent to 51, while the number of examiners appointed to businesses remained flat at 24.

The Revenue Commissioners brought 23 winding-up petitions, about 45 per cent of all applications.

Liam Reddy, outgoing director of Experian Ireland, said that most petitions resulted in liquidators being appointed to the companies.

"The cost of bringing a petition is huge, and judges frown upon petitions to wind up a company as a debt collection tool.

"Consequently, it is unusual for a petition not to be successful," he said.

Mr Reddy, who retired from Experian yesterday, said the increase in the number of receiverships was due to banks and financial institutions having to "move quicker than perhaps they would like to".

"They normally have companies on a 'sick list' and do their best to rescue the situation. However, when they find that their security might not be as strong as they would like, then they are forced to move."

The transport industry and the catering, hotel and restaurant sector both accounted for 5 per cent of insolvencies in the first six months, according to Experian.

"The general consensus amongst the insolvency profession is that no sector is safe," said Mr Reddy.