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February sees 50 percent increase in Galway insolvency rate
Galway Bay fm newsroom – The rate of insolvencies in Galway increased by 50 percent last month.
Figures compiled by Vision-net show show six firms went bust last month, compared to three in the same period in 2013.
Nationally, 93 Irish companies were declared insolvent last month.
That’s down almost a third on the same period last year when 135 insolvencies were recorded.
The construction sector accounted for 14% of the insolvencies recorded, down from 21.5% in the previous February.
This was the biggest improvement recorded by any of the industries this February.
In February of 2008, the construction sector accounted for 30% of all insolvencies.