Revenue Commissioners account for 55% of court liquidation appointments, show Deloitte insolvency figures

• 812 corporate insolvency appointments were recorded in 2025, a 7% decrease compared to 2024, and Deloitte forecasts 900 insolvencies in 2026.
• The increase in both Receivership and Court Appointed Liquidations activity levels in 2025 relate to creditor led enforcement to recover debts owing with alternative lenders, international lenders and Revenue Commissioners being active. In 2025, Corporate Receiverships increased by 30% (130 in 2025 vs 100 in 2024) and Court appointed Liquidations increased by 58% (104 in 2025 vs 66 in 2024), with the majority of receivership appointments relating to loans secured with alternative and international lenders.
• Pillar banks were the lender of record for only 2% of all Corporate Receivership appointments.
• Whilst the VAT reduction to 9% from July 2026 may assist companies in hospitality, Deloitte figures published today reveal hospitality firms accounted for 16% of all insolvencies in 2025 (a reduction of 1% compared to 2024). The increased minimum wage and pension auto enrolment will continue to put pressure on profit margins for this sector.
• SCARP activity levels in 2025 reduced by 23% (23/3% in 2025 vs 30/3% in 2024), which indicate that the process is not having the desired effect for smaller companies since its introduction in 2021.
• SMEs account for the majority of insolvencies, highlighting that the elevated cost of doing business is continuing to impact Ireland’s indigenous companies.

812 corporate insolvency appointments were recorded in 2025. There are 900 insolvencies forecast for 2026, Deloitte’s latest insolvency figures show. 

Commenting James Anderson, Turnaround & Restructuring Partner, Deloitte Ireland said:

2025 insolvency figures represent a 7% decrease compared to 2024. The number of corporate insolvencies has remained largely consistent throughout the year - 206 in Q1,201 in Q2, 211 in Q3 and 194 in Q4.

While Creditors Voluntary Liquidations (CVLs) continue to account for the majority of corporate insolvencies (535 CVLs/66% of 2025 insolvencies), there has been a 20% decrease compared to 2024 (668 CVLs). Insolvencies have remained consistent with 2024 figures however, due to the increased levels of creditor enforcement via Court appointed liquidations and Receiverships.

Court appointed Liquidations increased by 58%, with 104 recorded in 2025 compared to 66 in 2024. Our analysis of the statistics points to increased creditor led enforcement for recover of legacy debts in Court appointed liquidations with the Revenue Commissioners being particularly active in that space accounting for some 55% of Court Liquidation appointments during the year.

Receivership activity increased by 30%, with 130 recorded in 2025 compared to 100 in 2024.

The majority of receivership enforcements relate to loans secured with alternative and international lenders. Pillar banks were the lender of record for only 2% of all Corporate Receivership appointments.

SCARP activity levels in 2025 reduced by 23% (23 in 2025 vs 30 in 2024).

SMEs continue to be most affected by insolvencies, driven by the increased cost of doing business, limited access to working capital and an inability to continue repaying legacy Covid-19 related debts.

Services and hospitality sector account for highest proportion of corporate insolvencies

Nearly half (43%) of insolvencies were from the wide-ranging services sector.

The hospitality sector continues to see a significant number of insolvencies, with 16% (129/812) in 2025, which is largely in line with 2024 when it accounted for 17% of insolvencies.

70% of hospitality insolvencies were restaurants and cafés. The VAT rate cut scheduled for July 2026 is unlikely to decrease insolvency rates in the sector.

The retail sector recorded 12% (97/812) of corporate insolvency activity in 2025 which was also in line with activity levels in 2024 of 11% (97/875).

The remainder of the insolvencies were spread amongst the other sectors, 10% (78/812) in Construction, 7% (54/812) in Manufacturing, 3% (27/812) in Transport, 2% (15/812) in wholesale, 2% (17/812) in IT and the remainder in other business sectors.

Leinster continues to account for the highest number of insolvencies with 73% (594/812) in 2025. Munster accounted for 19% (157/812), Connacht 6% (49/812) and Ulster counties in the Republic of Ireland for just 2% (12/812).

Dublin accounted for over half of the insolvency appointments in 2025 (61%).

Notes

• A lender of record is a lender based on charges filed with the Companies Registration Office.
• Creditors’ Voluntary Liquidation (CVLs) is a terminal insolvency procedure whereby the directors of a company instruct a Licensed 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.