If any Machiavellian spin doctor had bad tidings to announce, this would have been the week to get them out there. The media preoccupation with the possible ramifications of the government’s four-year austerity measures and the likely impending bailout left little room for other business stories in the Sunday broadsheets.
“More Than 2,000 Irish Companies Set To Fail This Year.” It is the sort of headline that once might have appeared on the front page of the Sunday Business Post but space for bad business news is at such a premium these days, it only made page six of last weekend’s edition. As what it called the “deep malaise” in the property and retail sectors spread to all areas of the economy, the Business Post carried a report from accountancy firm FGS which predicted a new record of company failures in 2010. The number of firms that will go into liquidation, receivership and examinership will rise by more than 500 on last year – the rate of insolvencies is increasing by 8 per cent a quarter and there is no sign of it slowing down.