Irish business insolvences fell below 1,000 in 2016

The number of business insolvencies in Ireland fell below 1,000 last year for the first time since 2008, according to business and credit risk analyst Vision-net.

A total of 984 insolvencies were recorded in 2016, a 10 per cent decline on 2015.

The largest drop of insolvencies was 26 per cent in the wholesale and retail sector. The largest number of insolvencies - 213 - were in the professional services sector.

Meanwhile, 20,977 new companies were registered last year, the highest number since 1998 and the second-highest in 36 years.

Christine Cullen, managing director of Vision-net, told The Irish Times that the figures “clearly demonstrate Ireland’s economic resurgence”.

She added: “Record-breaking company start-up numbers, the lowest number of insolvencies since the onset of recession, and consistent growth in sectors devastated by the crash, like finance and construction, are all indicators of this.

“Our economy is more open to lending and risk-taking, and our businesses are eager to expand and undertake new projects.

“Our economy is also diversifying. Ireland’s professional services sector, along with our finance, construction, tech, manufacturing and hospitality sectors, are buoyant.”