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2024 has highest half yearly Corporate Insolvencies since H1 2018, Deloitte insolvency figures show

  • 412 insolvencies in H1 2024 - up by 25% on H1 2023
  • 77 insolvencies in the hospitality sector in H1 2024, an increase of 88% from the same period in 2023
  • On course for 800-plus insolvencies in 2024, 25% increase on 2023
  • 98% of insolvency activity in SME Companies
  • Low numbers of Small Company Administrative Rescue Processes (SCARPs) a concern

27 June 2024. There were 412 corporate insolvencies in H1 2024, up 25% compared to this time last year and the highest half yearly corporate insolvency figure since H1 2018 (435).

Commenting on the latest statistics, James Anderson, Turnaround & Restructuring Partner, Deloitte Ireland said:

These figures put Ireland on course for more than 800 insolvencies this year, as forecasted in our Q1 Insolvency & Restructuring Statistics. This is an increase of 25% on 2023 activity levels and would represent the highest number of insolvencies since 2017, when the figure was 874.

The increase in H1 2024 is driven by Creditors’ Voluntary Liquidation (CLV) activity, which saw a 33% increase compared with H1 2023 (323 CLVs in H1 2024 vs 243 in H1 2023). Nearly all insolvencies in H1 2024 were SMEs (98%).


There have been 13 SCARP appointments to date in 2024, which is down from 17 in H1 2023. There have been 68 SCARP appointments since its introduction at the end of 2021 and it has a success rate of 70%, saving 672 jobs to date.

Anderson said: 

The drop in SCARP appointments compared to last year is very concerning. This scheme continues to attract low numbers of companies, despite the positive impact it has had on those which have used it. We know SCARP can be successful in saving jobs and we would urge the Government to further invest in raising awareness of this process and its benefits.

Debt warehousing

Almost 90% of the €1.65 billion debt that remained in the warehouse at the start of April 2024 was either paid in full, secured under phased payment arrangements or included within a proposed phased payment arrangement, according to Revenue in May. 

Anderson said: 

The debt warehousing scheme supported businesses in Ireland during a difficult and uncertain period. The vast majority of companies who availed of it are now either engaging with Revenue or have cleared off their debts. This shows it was a good decision to introduce it and confirms that such emergency measures for businesses can have a positive impact during turbulent times.

Sector focus

There were 77 insolvencies in the hospitality sector in H1 2024, which is a significant increase of 88% from H1 2023. This is likely due to similar trends in Q1, including increased labour and energy costs, as well as the VAT rate at 13.5% and insurance costs.

The mandatory Pension Scheme will come into operation in September of this year. These factors, together with the overall higher cost of living impacting discretionary spend, is likely to see continued distress in the hospitality industry for the remainder of 2024.

Anderson said: 

We’re nearly one year on since the VAT rate of 13.5% was reintroduced for the retail and hospitality sector and we’re seeing the remarkable impact costs such as these are having on the businesses involved.

Regional focus

Leinster had the highest number of insolvencies in H1 2024 (321), as expected, and recorded a 27% increase compared to H1 2023. There were 46 in Munster, 40 in Connacht, and 5 in Ulster (Republic of Ireland only).

2024 forecast

Based on the activity levels in H1 2024, corporate insolvency activity in 2024 is forecasted to surpass 800 appointments. This represents a 25% increase on 2023 activity levels and the highest level in six years. Based on the appointments in H1 2024, SMEs will likely continue to be the most impacted and the Hospitality and Retail Sectors are likely to experience continued restructuring activity in 2024



Industry breakdown


Number of insolvencies in H1 2024









Other Business Activities











  • Creditors’ Voluntary Liquidation (CVLs) is a terminal insolvency procedure whereby the directors of a company instruct a Licenced Insolvency Practitioner to act as liquidator to wind up the company’s affairs because it has become insolvent and unable to continue to trade.
  • Small Companies Administrative Rescue Process (SCARP) was introduced at the end of 2021 and aims to provide a more accessible and cost-effective restructuring process for smaller companies that are viable, yet insolvent.
  • Debt warehousing scheme - Businesses had until 1 May 2024 to either pay back their warehouse debt or engage with Revenue. The payback scheme was set up in 2020 to help Irish businesses get through Covid by deferring certain tax payments for an extended period of time.