Construction and engineering firms have topped new voluntary liquidation figures.

The report suggests there are been an acute rise in the number of business going into voluntary liquidation during the last six months.

In the first half of 2008 over 300 firms closed down, producing a 76% increase on last year's figures.

The majority of these firms operated within the construction and engineering sectors.

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This year has already surpassed 2007's figures.

The number of businesses wound up, at the half way mark of 2008, is equal to the total for the entire previous 12 months.

Of the 312 liquidated firms 130 operated in the construction and engineering industry.

The statistics, which were complied by Farrell Grant Sparks, show small developers and sub contractors made up most of these failures.

Almost half of the companies that failed were based in Dublin.

The hospitality sector also sustained a high level of business liquidations. Around 42 pubs, restaurants and suppliers to the industry collapsed.

Rising fuel costs have been attributed to the failure of 12 transport and haulage firms so far this year.

(PR/JM)