Galway has third highest rate of insolvencies

Galway Bay fm newsroom – Galway had the third highest percentage of company insolvencies last month. According to figures compiled by Vision-net.ie, Galway accounted for 8 percent of the country's insolvencies in May. Galway followed behind Dublin and Cork, however the figure is broadly in line with May last year, indicating that the economy has stabilised, according to Vision-net. The highest number of insolvencies were recorded in the professional services, construction, wholesale and retail and manufacturing sectors. Meanwhile, the number of start-up companies in Galway over the past 10 years has dropped from 5 percent to 3.8 percent of the national figure.