Corporate insolvencies in Ireland remained relatively stable in the third quarter of 2025, according to PwC’s latest Insolvency Barometer, published today.

The report shows that insolvency activity has averaged 204 cases per quarter over the past three years, reflecting what PwC describes as the resilience of Irish businesses.

In Q3 2025, a total of 197 insolvencies were recorded, down 22% from the 252 reported in the previous quarter.

That brings the year-to-date total to 641, only slightly below the 660 insolvencies seen in the same period in 2024.

PwC forecasts that the full-year total will be in the region of 850, compared to 868 last year.

Ken Tyrrell, Business Recovery Partner at PwC Ireland, said: “Ahead of Budget 2026 next week, it is good news to see that insolvency levels in the Republic of Ireland have remained consistent at relatively low levels over the last three years which largely reflects robust economic performance.

“Hospitality is showing signs of stabilisation, with insolvencies declining each quarter during 2025.

“This may reflect many operators adapting their business models to better manage costs and respond to changing consumer preferences, contributing to greater financial stability across the sector.

“Retail insolvencies continue to trend lower, with a nearly 30% fall for the nine months in 2025 compared to the same period in 2024.

“Overall, Irish businesses continue to demonstrate resilience in the face of ongoing domestic pressures and global geopolitical uncertainties.”

PwC notes that insolvency rates remain far below historical peaks.

The current annual rate is 29 per 10,000 businesses, or about 865 insolvencies per year.

That compares with a 20-year average of 50 per 10,000 businesses (around 1,500 insolvencies) and a post-crisis high of 109 per 10,000 in 2012, when more than 3,000 companies collapsed.

Sectoral trends are mixed.

Retail continues to account for the largest number of insolvencies but has seen a marked decline, with 116 cases year-to-date, nearly 30% fewer than in the same period of 2024.

In hospitality, insolvencies have fallen each quarter this year, with Q3 recording 32 cases, down from 40 in Q2.

PwC attributes the sector’s stabilisation to stronger tourism activity, targeted government supports and greater cost discipline among operators.

Other patterns highlight pressure points.

Court-appointed liquidations remain elevated, with 95 cases in the first nine months of 2025—more than double the same period last year—driven largely by Revenue Commissioners’ debt recovery actions.

The Small Company Administrative Rescue Process (SCARP) continues to see low uptake, with just 19 appointments so far in 2025.

Meanwhile, receiverships, at 85 cases year-to-date, remain muted and account for 13% of all insolvencies.

Geographically, Dublin, Cork and Galway dominate activity, together accounting for almost 70% of all cases.

Tyrrell cautioned: “However, we cannot ignore ongoing global geopolitical risks and prevailing economic uncertainties, and it remains to be seen what the last quarter of the year has in store.

“Businesses and consumers also continue to deal with a higher cost base driven by domestic and international factors.

“Businesses should focus on their core strategies and cost bases while actively managing their working capital and cash positions to ensure that they are financially sustainable into the future.”