Deloitte predicts a 30% rise in Irish corporate insolvencies in 2024, with 900 cases, driven by SMEs in the hospitality sector and surging operational costs.
Deloitte forecasts a significant rise in corporate insolvencies in Ireland, predicting 900 for 2024, a 30% increase from 2023. The third quarter alone saw a 60% surge, totaling 238 bankruptcies. Small and medium-sized enterprises represent 98% of these cases, particularly in the hospitality sector, which has experienced a 61% increase. Rising operational costs, including labor, energy, and insurance, are major contributing factors to this trend.
September 25, 2024
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