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The latest figures show that more Irish firms closed their doors in July than in any month so far this year. 151 firms became insolvent in July, a 33% increase on the figure for June and a surge of 132% on the same month last year. The construction sector, once again, was the worst hit by the insolvency spike — with reports suggesting a correlation with the traditional "builders holiday", and struggling firms choosing to avail of this traditionally quiet period to wind up their operations "under the radar".
The motor trade was also badly hit — with a 200% increase in insolvencies compared to June, and according to the insolvency news aggregator InsolvencyJournal.ie the numbers of Irish firms going out of business shows no sign of abating.
Retail insolvencies in July were up almost 50% in July, increasing sharply from a figure of 21 in June and almost triple the 11 insolvencies recorded in the sector during May. 131 retail companies have already gone out of business so far this year. In the hospitality sector insolvencies remained relatively consistent at 14, compared to 13 in June and 15 in May.