Gareth Latimer, Director, Recovery and Reorganisation at Grant Thornton in Belfast commented:
“The increasing numbers of insolvencies recorded in Northern Ireland in the third quarter of 2019 is hardly surprising given the current political and economic uncertainty being experienced at a local, national, and global level.
“There was a rise in both company and personal insolvencies in the three months to September, by 21.5% and 34% respectively compared to the same period last year.
“The 79 company insolvencies resulted from an increase in both Compulsory Liquidations and Creditor Voluntary Liquidations while the 718 personal insolvencies recorded represented a rise across all types including IVAs, Bankruptcies and Debt Relief Orders.
“Given the recent UK general election announcement and the Brexit extension, it will be interesting to see if the number of insolvencies continues to rise.
“Should insolvency rates increase further over the remainder of 2019 and into next year, it would do little to alleviate the concerns of some economic analysts that have already pointed to signs of a possible looming recession.”