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742 corporate insolvencies in Q1-Q3 2015

Press Release

Just 2% opt for examinership

Insolvency Statistics for Q3 2015

The total number of corporate insolvencies in the first three quarters of 2015 were 742 according to figures released today by Deloitte, and published on This represents a 21% decrease on the same period in 2014. The total number of insolvencies in the Q3 2015 period was 217.

Types of insolvencies

Of these 742 corporate insolvencies, creditors’ voluntary liquidations accounted for the vast majority with 497 recorded in the period (67%). This is consistent with the same period in 2014 where creditors’ voluntary liquidations accounted for 66% of total corporate insolvencies. 

Receiverships accounted for 195 (26%) of the total corporate insolvencies so far in 2015, down by 49 from 244 in the same period last year. 

There were 34 court liquidator appointments in the current period, down from 58 in the comparable period in 2014. 

Just 16 examiners, or 2%, have been appointed out of the 742 corporate insolvencies recorded, demonstrating that the trend of low uptake of this insolvency option persists. This level of examinership take-up is consistent with comparable periods and shows that the introduction of new legislation in early 2014 has still not had the anticipated effect of encouraging struggling SMEs to avail of this more cost-effective and accessible option.  

Commenting on this matter David Van Dessel, Partner, Restructuring Services, Deloitte stated: “It’s encouraging to see a significant decrease in insolvencies in 2015, compared to this year. This is hopefully a sign that the economic recovery is gaining momentum and is beginning to be felt wider than earlier in the year.

“However it is somewhat discouraging that the levels of examinerships continue to remain at extremely low levels. The new Companies Act 2014 has made the restructuring process even easier and more accessible with new schemes of arrangement and less court involvement overall in the process. These changes coupled with the ‘examinership-lite’ legislation of 2014 have given directors of struggling companies some extremely valuable options for restructuring their debt. Take up of examinership continues to remain at very low levels when compared to our international peers. A real effort needs to be made to educate SMEs on this option. Our view is that these represent very viable options for businesses when availed of in a timely manner. As with most things, acting early is critical.”

Geographic breakdown

The highest number of corporate insolvencies in the period was recorded in Leinster with 64% of the total appointments. This is consistent with the same period last year where Leinster had approximately 66% of all corporate insolvency appointments.  In the current period Munster had 21% of appointments, Connaught 9%, and Ulster just 6% again showing consistency with the same period last year. 

Industry breakdown

The service sector experienced the most corporate insolvencies so far in 2015, with 108 (15%), closely followed by the retail industry at 107 (14%). The construction industry recorded 92 corporate insolvencies (12%) and the hospitality industry recorded 87 (11%). In the same period last year it was the construction industry which recorded the most corporate insolvencies at 21% of the 942 total, followed by the services sector with 153 or 16% of the total. 

Van Dessel commented: “In the first half of the year, the retail sector had recorded the most number of insolvencies, and is now been overtaken, albeit marginally, by the services sector. This may be an indication that the retail industry, which has struggled over the last number of years, may now be beginning to feel the positive impact of increased consumer confidence.” 

Separately, data released recently by the Central Bank of Ireland show that as of the end of June 2015, there have been 6,433 rent receivers appointed in respect of buy-to-let properties. The statistics continue to show an increase in the number of receivers appointed month on month since the beginning of 2015. 


For Further Information Please Contact

David van Dessel
Partner, Restructuring Services
086 2310061 

Claire Quinn
PR Manager
01 417 2356

Aoibheann O’Sullivan
Murray Consultants
01 498 0346

About Deloitte
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The information contained in this press release is correct at the time of going to press.

Deloitte has almost 2,000 people across Ireland providing audit, tax, consulting, and corporate finance services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. 

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