While the euro debt crisis is a relatively new phenomenon, it is impacting on consumer sentiment in Ireland which has already been severely undermined on the back of prolonged domestic financial challenges. This is affecting the continued growth rate of corporate insolvencies which are up 7% year on year.

New statistics released by InsolvencyJournal.ie, reveal that corporate insolvency figures for the month of November totalled 165, recording the highest number of monthly insolvencies so far this year. The construction industry remained the worst affected accounting for 41 of the 165 insolvencies. The retail and hospitality sectors were also badly hit, with a 47% and 53% increase respectively on figures from October 2011. The total number of insolvencies from January to November of this year now stands at 1,495, a 7% increase on the same period last year. The November monthly total of 165 insolvencies is a 16% increase on the total of 142 for November 2010 and a 35% jump from 122 in October 2011. One of the most notable insolvency events in November was the application by Sean Quinn to a court in Belfast to be declared bankrupt, this is the largest bankruptcy case recorded in the State. Irish Bank Resolution Corporation, formerly known as Anglo Irish Bank having opposed the bankruptcy have now secured judgments totalling more than €2bn against Mr Quinn.

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