26 companies in Meath held creditors' meetings last year

A total of 26 Meath-based companies held creditors' meetings last year, new figures compiled by ICC Information reveal. There were 952 creditors' meetings nationally held in 2009. Of these, the construction industry accounted for 24.5 per cent, followed by the 'business activities' category with 16.3 per cent and manufacturing with 11.9 per cent. Dublin-based companies accounted for the majority, with 53.4 per cent of the total, followed by Cork with 10.2 per cent and Galway with 6.3 per cent. According to their last filed accounts, these companies had creditors of a staggering €1.18 billion. Five Meath companies held creditors' meetings in the first quarter of 2009, seven in Q2, eight in Q3 and six in the final quarter. These made up just 2.7 per cent of the national total of business calling meetings, on a par with Co Kildare "These results quantify exactly how many companies were in severe trouble and were forced to close their doors in 2009. Unfortunately, with each company that closes, there is a negative knock-on effect on all of the companies they owe money to, and therefore the companies they in turn owe money to and so the cycle continues. However, analysis of these companies show that there are several common indicators of failure and therefore early warning signs can be recognised," said Michael Gannon, product and marketing leader at ICC Information. Court judgments are the leading indicator of insolvency with 18.4 per cent of those companies that held a creditors meeting in Q3 having at least one court Judgment against them.