Independent industry statistics released by InsolvencyJournal.ie, reveal that corporate insolvency figures for the month of October totalled 122 bringing the first 10 months of 2011 total to 1,330 insolvencies compared to a total of 1,250 insolvencies for the same period in 2010. Commenting on these latest findings Ken Fennell of kavanaghfennell the firm who compile the data commented, ‘’overall the figures remain high but there has not been a significant month on month increase over the last three months which would suggest that insolvencies have stabilised’’.

October saw an increase in revenue petitioned court liquidations proving that the revenue is accelerating its level of action against companies. There were 12 official court appointed liquidators instated in October compared to only 2 in September. 11 of these appointments were petitioned by the Collector General including The Shannon Key West Hotel in Co. Leitrim. There was however, a 14% drop in creditors’ voluntary liquidations from 102 in September to 88 in October.

The number of receivership appointments increased from 12 in September to 21 in October, an increase of 75%. When comparing year on year figures the overall increase is 14% with 213 receivership appointments during January to October 2011 compared to 187 appointments for the same period last year. There were 4 Nama receivership appointments during October all across the construction industry. These included; Cornrick Developments Limited, Fachtna Crowley Construction Limited, Alan Hanly Properties Limited and Clerihan Developments Limited. When comparing industry totals, the statistics reveal that the construction industry continues to remain the worst affected by the downturn accounting for 28% of total insolvencies for October and 25% for the year from January to October 2011.

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