Good news as 37.5% increase in Examinership activity for the first 6 months of 2012
June 29, 2012
• Examinerships are up by 37.5% for the first half of the year
• Receiverships are up for the first 6 months by 67% and Creditors Voluntary Liquidations (CVL) are down by 1.2% when compared to the same 6 months in 2011
• Total Insolvencies are up by 8% for the first six months of the year when compared to the same period last year
New statistics released by InsolvencyJournal.ie, reveal that total corporate Insolvencies for the first half of the year amounted to 884 resulting in an increase of 8% when compared with the same period in 2011.
Receiverships are up by 67% for the first 6 months of this year. When analysing these figures it is clear that the increase in Receivership activity reflects the decision of corporate borrowers and their banks to address bad debts by appointing receivers to sell the underlying secured assets. This in itself demonstrates a clear move by the banking community to address difficult loan exposures.
InsolvencyJournal.ie has remarked on the increase in Examinerships in the past and not surprisingly, have increased by 37.5% when compared to the same period last year. Commenting on this yearly comparison David Van Dessel, Partner with kavanaghfennell said “the increase in Examinerships is a welcome change which reflects pro-active Directors tackling their companies' financial problems with urgency, by getting professional Insolvency advice at an early stage thus enabling them to access court protection through Examinership. Delaying the decision to get professional insolvency advice can mean that their financial position deteriorates to such an extent that Examinership is no longer a viable option. Early action is pivotal".
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