82% rise in insolvency cases in 2009
Over 1,400 Irish companies were declared insolvent in 2009 - an 82% increase on 2008 - according to figures compiled by a major insolvency practitioner.
A similar rate of business closures is forecast for this year.
The new figures show that an average of four companies went out of business every day last year.
123 companies in manufacturing failed, while 58 businesses in the motor trade went bust.The data - compiled byInsolvencyjournal.ie - showed that the services and hospitalities sectors experienced over 400 insolvencies.
O'Briens Sandwich shops and Budget Travel were among the high profile casualties.
More and more people are now turning to running businesses from home as a way to cut their expenses.