130 firms held meetings over wind-ups

ONE HUNDRED and thirty companies called a meeting of creditors to wind up their businesses during February, according to figures released yesterday.

The amount of unpaid debt involved was €133 million of which slightly more than half was unsecured, according to the company information business Vision-net.

Among the companies to hold creditors’ meetings in February were the four Toni Guy hairdressing outlets in Cork, Limerick, Dublin and Kilkenny; and companies involving the well-known Kilkenny hurler, DJ Carey – DJ Carey Enterprises Ltd, Dublin Janitorial Centre Ltd and Alton Ltd.

Construction, wholesale, manufacturing, hotels and restaurants were among the sectors affected, with construction companies being the largest group in terms of creditors’ meetings.

The wholesale and retail sectors came next. Receivers were appointed to 44 companies during February, an increase of 63 per cent over the previous month’s figures.

The number of registered court judgments awarded in January 2011 was up 59 per cent on January 2010.

A total of 679 judgments were awarded in January in the courts for non-payment of debts totalling €29 million.

“The number of suppliers going unpaid is escalating and the amounts involved are staggering,” said Christine Cullen of Vision-net.

“Debt continues to be a real issue in business. We are seeing a more aggressive stance being taken against debtors, with the legal option increasingly being used.”

The number of new companies incorporated in February was 1,018, down nearly 14 per cent on January 2011 and 7 per cent down on February 2010.

New business name registrations, which would include sole traders, were 2,638 in February, up 10 per cent on last year.