Business insolvency rate has decreased by a fifth.
By DAVID COLEMAN BUSINESS failure rate has dropped by almost one fifth this year, it emerged yesterday.
Credit analysts Vision-net found 812 firms have been declared insolvent since the turn of the year - a 17% decrease on 2012's figures.
The figures also revealed five companies failed every day in the first six months of the year.
And statistics showed that most of these failures were in Co Dublin, with the capital seeing 41% of insolvencies.
Second in the list was Co Cork, where just over one in 10 of the failures occurred, followed by Co Kildare where 5% of the country's business failures occurred.
Kilkenny, Carlow, Cavan, Leitrim, Roscommon, Laois, Sligo and Longford all recorded commercial failures of less than 1%. Vision-net boss Christine Cullen believes the recovery process for the Irish economy is a difficult one.
She said: "That the rate of company insolvencies is down 17% on the first half of last year is encouraging.
"The start-up rate is stable, showing that entrepreneurship is a strong trait in the domestic economy.
"However, high levels of personal and banking debt, and limited access to working capital, are hampering our recovery prospects."
The statistics also revealed the professional services sector was the hardest hit by closure.
Next was the construction industry, which accounted for just under a fifth of all closures, followed closely by the wholesale and retail sectors which made up 14% of failures.