Northern Ireland’s latest Insolvency figures show that there has been a 21.5 percent increase in the number of company insolvencies in the last three months. Company insolvencies in Northern Ireland rose by more than a fifth over the last quarter with 79 firms becoming insolvent from July to September period, according to Insolvency Service figures.

That represents an increase of 21.5 percent in the same quarter in 2018. Of these, 45 were compulsory liquidations (up from 30 previously) while 27 were creditors’ voluntary liquidations (up from 24 before). There were also three administrations and four company voluntary arrangements.

And over the same period, there was a  34 percent increase in personal insolvencies to 718, made up of 410 individual voluntary arrangements, 143 bankruptcies and 163 debt relief orders.

Gareth Latimer, Director of recovery and reorganisation at Grant Thornton in Belfast, said “The increasing numbers of insolvencies in Northern Ireland in the third quarter is hardly surprising given the current political and economic uncertainty being experienced at a local, national, and global level.”

“Given the recent UK general election announcement and the Brexit extension, it will be interesting to see if the number of insolvencies continues to rise.

“And should the rates increase further over the remainder of 2019 and into next year, it would do little to alleviate the concerns of some economic analysts that have already pointed to signs of a possible looming recession.”