Its latest Restructuring Update pointed to insolvency rates in Ireland remaining at an 'artificial' record low level at just 15 firms in every 10,000.
The quarterly rate of insolvency fell by 12% in the first three months of the year compared to the final quarter of last year. "The current business failure rate remains at an artificial and record low level," Ken Tyrrell, PwC Ireland Business Recovery Partner said. The government Covid supports are gradually being wound down with the Employment Wage Subsidy Scheme due to come to an end for most companies this month and for the remainder next month.Not surprisingly, given the level of restrictions imposed on the sector throughout the pandemic shutdowns, arts, entertainment and recreation continued to have the highest business failure rate over the 12 months to the end of March.