Construction News

10/03/2008

Builders Go To The Wall In Fourth Quarter

Defaults and liquidations among Irish building firms and their suppliers more than tripled in the last quarter of 2007, new Trade Credit Brokers (TCB) figures show.

According to the latest figures from the Dublin credit insurance group, 40% of all liquidations in the last quarter of last year were in the construction and building supplies sectors.

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Results for the quarter revealed that 80 construction firms went to the wall, representing a significant increase over the previous two years when failures averaged just over 25% per quarter.

Building firms and their suppliers are suffering against a backdrop of sharp declines in new house completions -new house builds dropped 65% in February - and a slowing property market, leaving many without cash.

In the past six months, the number of construction firms taking credit insurance against bad debt has also increased.

(VB)

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