Irish company liquidations more than doubled lin 2008 and are expected to rise further this year, according to new figures released today.
A report from the credit information firm Experian reveals that a total of 575 liquidations were recorded in 2008 compared with 273 in the preceding year.
An increase in judgments registered and winding-up petitions indicate a further increase in company failures are likely during the first quarter of 2009
Although there has been a sharp rise in the numbers seeking protection from creditors by going into examinership, there has also been an increase in the number of companies going into receivership.
According to Experian, there were 67 examiners appointed to companies last year compared to just 25 in 2007 while receivers were appointed to 57 firms in 2008 versus 15 in the preceding year.
Overall 922 judgments were registered against Irish companies last year compared to 662 in 2007. However, in the final quarter of last year there were 304 judgments registered compared to 171 in the final quarter of 2007, reversing the traditional trend of a reduction in registered judgments in the final three months of the year.
A total of 537 creditors' meetings were called in 2008 compared to 291 in the preceding year while 110 winding-up petitions were submitted to the courts as against 67 in 2007.
