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Irish businesses going bust

16/07/2009

The number of businesses closing down in Ireland now outnumbers the number of businesses opening - for the first time since 2002 - according to Experian.

Between 1st January 2009 and 30th June 2009, 79 companies were placed into receivership, and 523 companies went into `non-members-voluntary liquidation`. In total, 6,691 companies were dissolved, while 6,627 new companies were registered with the Companies Registrations Office.

The statistics show that many businesses have proved unable to cope with the economic downturn. Factors such as debt problems, low profits and the lack of availability of credit can all contribute to a business closing down.

A spokesperson for Debt Advisers Direct commented: "When a business closes down, it affects not just its employees, but potentially its suppliers and business customers - and all their employees - as well, as those companies may be unable to find another business capable of doing what the previous company did for a similar price.

"At a time like now, more businesses are closing down and unemployment is on the rise. Anyone worried about their job security, and anyone who has lost their job or is struggling on a lower income, should contact a professional debt adviser - who should be able to offer guidance on how they could improve their financial situation and address any debt problems they may have."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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