Over 1,500 (increase of 8% on 2009) companies were declared insolvent during 2010.  Thankfully, this increase is not as significant as some had predicted.  The number of insolvencies in 2011 is expected to be very similiar to 2010.

There was a dramatic increase of 81% in the number of receivership appointments during 2010 with a total of 225 receivers being appointed.  However, this number does not include receivers being appinted over assets held in personal names.


Creditors Voluntary Liquidation ("CVLs") continue to represent the highest form of insolvency with a total of 1,191 companies appointing a liquidator.  As with any increasing market, the number of participators, inthis case liquidators, has increaseed considerable with many accountants taking appointmetns with no previous experience.  This is of course an issue of grave concern considering the fact that the area of insolvency remains a very demanding and highly specialised area.


There has been a signifincant decrease in the number of examinerships over the past 3 years from 62 in 2008 to just 16 in 2010.  In some respects given Ireland economic downturn it is surprising that the number of examinserhsips has decreased.  Some would take the view that the decrease in the number of examinerships as being a sign that the system is inadequate. 

The number is Official Liquidations remains at a relatively consistent level (93 : 2010) over the past 3 years.  One particular reason for the figures remaining at a constant level is based on assumption that many companies are not only insolvent but that they are worthless and therefore there is no benefit in appointing an Official Liquidator (petition fees are quite expensive).