INSOLVENCIES IN the first 10 months of the year are up 112 per cent over the same period last year.

There have been 1,208 insolvencies in the period to the end of October, according to the Kavanagh Fennell online insolvency publication, InsolvencyJournal.ie.

Over the same period in 2008, 571 insolvencies were reported.

The findings show that from January to October, construction was the most severely impacted sector as a result of the economic downturn with 362 insolvencies recorded. This was followed by the retail sector with 187 insolvencies and the hospitality sector with 140, reflecting the impact of declining consumer spending.

A high number of insolvencies have also been reported in the manufacturing sector (99) and the motor industry (48).

The number of official liquidators appointed grew from two in September to 10 in October, with a large amount of petitions due to be heard in November.