There was a significant drop in the number of corporate failures in the first half of 2007 compared to last year, according to latest statistics from consultants Farrell Grant Sparks (FGS).
Between January and June 2007, 144 Irish companies were placed in voluntary liquidation, High Court liquidation, receivership or examinership.
This is down 26 per cent on last year, which saw 195 corporate failures recorded.
"If you compare these to the number of corporate failures recorded in the same period for 2005, the decrease becomes even more apparent, showing a staggering 31 per cent drop," said Declan Taite, corporate recovery and insolvency partner at FGS.
The construction and engineering sector continues to head the table, accounting for most corporate failures for the first half of this year at 37 per cent. However, the number of company failures in the sector fell from 71 in 2006 to 53 for the same period this year.
There was also a continuing decrease in corporate failures in the hospitality sector, down from 24 in 2006 to 18 for the first six months of this year.
However, failures in the retail industry continue to rise. Some 34 businesses failed in the first half of 2007, compared to the 25 in the same period in 2006.
