Firms in financial difficulty are trying to avoid investigation by opting to be struck off rather than go into liquidation, according to insolvency statistics published yesterday.

Business information specialist Experian Ireland yesterday published statistics showing that creditors had 316 Irish companies wound up last year, a 16 per cent fall on 2002, when 379 businesses were put into liquidation.

But Experian's statement said the figures did not reflect the real activity that took place.

"Further examination of the statistics indicate that some companies in financial difficulties have not complied with their statutory obligations and gone into liquidation," the statement said.

"Instead they are awaiting strike-off by the Companies Registration Office \ and in so doing they are hoping to avoid the rigorous examination of their behaviour as directors by the Director of Corporate Enforcement \."

The CRO struck off more than 10,000 companies in December.

The figures show that voluntary liquidations jumped by 51 per cent to 740 from 489 in 2002.

Experian director Mr Liam Reddy said this was due to shareholders cashing in their interests ahead of an anticipated increase in capital gains tax, which did not materialise in the Budget.

The number of companies placed in receivership was level at 33.

Creditors petitioned to have 45 companies wound up in 2003, a fall of four on 2002, while the number of examinerships almost halved to nine from 16.

Two of the high-profile liquidations during the year included Dublin Daily News with debts of €1.67 million, and Doherty Advertising, which owed its creditors a total of €7 million.