The number of companies declared insolvent in Galway City and County in the first nine months of 2015 dropped slightly on the same period in 2014.
Statistics compiled for the Connacht Tribune for the first nine months of the 2015 – the most up-to-date figures available – shows there were a total of 38 insolvencies recorded in Galway.
That figure is down from 44 for the same nine-month period in 2014. It’s also down from the 46 in the comparative period for 2013; 77 in 2012; 81 in 2011 and 72 in 2010. The total figure includes court liquidations, creditors’ voluntary liquidations, receiverships and examinerships.
The statistics were provided to the Connacht Tribune by insolvencyjournal.ie which is owned by Deloitte, the country’s biggest specialist insolvency practice.
The figures for Galway (the city and county combined) show there were 14 insolvencies in the first quarter; 14 in the second quarter and ten in the third quarter.
Comparative insolvency figures for other counties for the first nine months of 2014 show Dublin had 297; Cork had 77; Limerick had 30 and Waterford had seven.
Elsewhere in Connacht, Mayo recorded 13 insolvencies; Roscommon had five; Leitrim had four; Sligo had seven and Leitrim four.
In a court-appointed liquidation, a liquidator is appointed by the High Court on foot of a petition by a creditor to wind up the company. Examinership is a process where the High Court affords protection to a company, which allows it ‘breathing space’ to restructure in an attempt to survive. A receiver is usually appointed by a secured creditor who has a significant ‘charge’ registered over a company’s assets.
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