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For a sobering yet schadenfreude-type read try InsolvencyJournal.ie, which has reported that July saw the highest number of firms going into receivership since the beginning of the downturn. For financial vultures and business opportunists alike, this source of information on distressed assets and upcoming firesales noted that a total of 920 companies went bust between January and July 2010, with construction, services, hospitality and retail accounting for almost three quarters of all insolvencies. The figures marked a 20pc increase on the same period last year. Through July, 280 construction firms went to the wall. Unfortunately, somebody has to be the messenger of bad news and InsolvencyJournal doe
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The pantomime of whether credit is being made available by banks to small firms continues. On the one hand the banks quote various figures of amounts available and being lent. While firms and their representative associations say the banks are “closed for business”. Oh no we're not. Oh yes they are... Vistage would be delighted to hear from both members and non-members of their experiences in obtaining credit. Sharing knowledge is what Vistage is all about. Make sure your comments are general and don't reveal your identity or company. We covered this issue in a previous blog (Credit watch) when AIB denied credit rationing and spuriously backed up its claims by quoting the Credit
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Google has launched Think a platform for sharing industry viewpoints to “help you navigate in the business landscape”.
“Irish companies are set to discard the UK accounting rules they have been moored to for decades and adopt an international accounting code - the so called IFRS - for small and medium sized businesses,” says BusinessWorld. Are you one of them? Quoted companies already use IFRS, but so called “Non public Interest” or unquoted companies will have to adapt IFRS for SME in 2012/2013. Reported profits will be different under the new rules, for some businesses it will be higher and some lower; it depends on what business the company is undertaking, explained Aidan Clifford, ACCA's (Association of Chartered Certified Accountants) Advisory Services manager. For example, a company with a lot of intellectual property will have a different affect on their profi
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The sight and sound of AIB begging for an extension to the state banking guarantee probably did not engender a great deal of sympathy from SMEs. It certainly did not from this correspondent.
RTE business editor David Murphy says the fact AIB is “calling for it, shows things would be very difficult if the bank guarantee was not there”.
As long as AIB, and other banks in the scheme, are protected under the bank guarantee they are able to borrow money at a decent rate on the wholesale market – and keep lending to customers.
