STOCK MARKET WATCH -- Monday, 29 October 2012

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24. Seven firms a day going under as insolvencies rise {ireland}

http://www.irishtimes.com/newspaper/finance/2012/1029/1224325865283.html

AN AVERAGE of seven companies went under every day between October 1st and 25th as the recession continued to bite, according to figures released today.

Business risk and credit analyst Vision-net said that 168 companies were declared insolvent between the beginning of this month and last Thursday.

The number is 38 per cent higher than during the same period last year. Of the total, 94 companies held creditors’ meetings, the first step in appointing a liquidator, leaving €38 million in unpaid short-term debt.

One of the highest-profile failures this month was businessman Bill Cullen’s auto dealership, Glencullen Holdings, to which Ulster Bank appointed restructuring specialist Kavanagh Fennell as receiver. The group owed Ulster Bank a reported €12 million. According to Vision-net, the receivership accounted for 10 companies out of the total number of insolvencies this month.