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SME liquidations driving increase in insolvencies

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SME liquidations are the main driver of the increase in insolvencies, according to PwC's latest Insolvency Barometer, with small and medium sized firms accounting for 85% of all business failures in the first quarter of the year.

SME liquidations are the main driver of the increase in insolvencies, according to PwC's latest Insolvency Barometer, with small and medium sized firms accounting for 85% of all business failures in the first quarter of the year.

The hospitality and retail industries made up 40% of the total number of insolvencies in Q1 2024 , up from 68 insolvencies in Q1 2023. Ken Tyrrell, Business Recovery Partner, PwC Ireland said, with a Covid debt overhang on top of having to deal with a high cost of doing business, some Irish businesses continue to struggle.

Mr Tyrell said it is likely that these low numbers were impacted by the extension of the Revenue warehoused tax debt. A recent Revenue update has indicated that the top 226 companies owe €570m in total, at an average of €2.5m each.

 

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