Corporate Insolvencies Dip 5%, But Creditor Attacks Explode—Here’s What That Really Means for Your Business Survival
Is Ireland’s corporate world weathering a subtle storm or simply shifting gears? With 618 insolvency appointments logged in the first nine months of 2025—a 5% dip from last year—it’s tempting to breathe a sigh of relief. But as James Anderson, Deloitte’s Turnaround & Restructuring Partner, points out, the headline drop hides a complex tale. Company-led closures have dropped a hefty 22%, yet creditor-driven actions like court-appointed liquidations have soared, doubling from last year. And then there’s the uptick in formal restructuring—SCARP and Examinerships are on the rise, signaling businesses aren’t just folding; they’re fighting to reshape. It’s a dance of numbers that makes you wonder: are companies quietly recalibrating to survive, or is legacy debt catching up in a big way? Amid sectors like hospitality, retail, and construction feeling the heat, and regions like Leinster bearing the brunt, it’s clear the corporate landscape is anything but straightforward. Grab your coffee—this one’s a thinker. LEARN MORE
Ireland recorded 618 corporate insolvency appointments in the first nine months of 2025, a 5% decrease on the same period last year, according to new figures from Deloitte Ireland.
Quarterly activity remained steady, with 206 cases in Q1, 201 in Q2 and 211 in Q3.
James Anderson, Turnaround & Restructuring Partner at Deloitte, said the overall decline masked a shift in underlying trends.
“The decrease in insolvency activity levels in the first 9 months of 2025 compared to the same period in 2024 highlights interesting trends.
“Company led closures (CVLs) are down (-22%), however formal corporate restructuring activity (SCARP & Examinerships) increased (+36%).
“Creditor led enforcements were also on the rise with Court Appointed Liquidations increasing significantly (+107%) along with Receivership activity increasing (+29%).”
Anderson noted that creditor enforcement was being driven by legacy debt recovery, with the Collector General particularly active, alongside international lenders targeting defaulted or matured loans.
SMEs remain most exposed, with hospitality, retail and construction together making up 38% of all cases.
“Restaurants, in particular, are facing significant cost challenges that are making their businesses unviable.
“The VAT rate cut that has been signaled as a part of the upcoming Budget that is just days away is unlikely to change insolvency rates in the sector, as talent and energy costs are the primary factors impacting business success,” he added. Deloitte projects total insolvencies for 2025 will reach 825–850.
Creditors Voluntary Liquidations (CVLs) continued to account for the majority of appointments, at 393 or 64% of the total, though this represents a 22% drop year-on-year.
In contrast, Court Appointed Liquidations rose to 85 cases – more than double the 2024 level – with 73% initiated by creditors and 56% linked to petitions from the Collector General.
Receiverships also rose, with 102 recorded to date, mainly connected to alternative and international lenders.
Restructuring processes such as SCARP and Examinership are also gaining traction, with 38 appointments so far in 2025, up 36% on the year.

By sector, services accounted for the largest share of insolvencies at 41%, led by financial services, professional services, healthcare, and real estate.
Hospitality made up 17% of cases, retail 11%, and construction 10%.
Regionally, Leinster dominated activity with 72% of all insolvencies, followed by Munster (20%), Connacht (6%) and Ulster (2%).
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