Arthur Cox has welcomed new figures showing a nearly 30 per cent decline in company insolvencies in Northern Ireland in the last quarter of 2017.

According to the Insolvency Service, there were an estimated 89 company insolvencies in Q4 2017, 29.4 per cent less than in the same quarter in 2016.

Of these, 63 were compulsory liquidations (down from 84) and an estimated 17 were creditors’ voluntary liquidations (down from 24). There were an estimated four administrations, five company voluntary arrangements and zero administrative receiverships.

Kieran McGarrigle, finance partner at Arthur Cox in Belfast, said: “The fact that there were 29.4 per cent less company insolvencies in the final quarter of 2017 than in the same period in 2016 is indicative of a strengthening of economic conditions in the region, and is to be warmly welcomed.

“Looking ahead, we hope this is the beginning of a trend that will continue throughout 2018 and beyond, especially given the uncertainty that the recent demise of Carillion plc has caused for many businesses throughout Northern Ireland.”