4,500 companies saved from going bust during pandemic

The author of the report said that while the businesses avoided insolvency, they will need further support to repair their balance sheet.

Overall, the insolvency rate per 10,000 companies was 14 in 2021, which was down 87% from its peak in 2012."Kilkenny had the highest number of insolvencies, with 25 business failures per 10,000 companies - higher than Dublin at 24," Mr Tyrell said."Cork performed well averaging only 12 insolvencies per 10,000 companies, half of Dublin's rate."

At the other end of the spectrum, due to the strong performance of the FDI sector and the ability of these workers to easily transition to working from home during the pandemic, PwC's analysis shows that the lowest rates of insolvencies per 10,000 during 2021 were in the Information & Communications, Professional, Scientific & Technical sectors.

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