Figures showed a 200% hike in the number of troubled companies that went in to receivership in January.

New statistics by InsolvencyJournal.ie also found 103 business collapsed - a fifth higher than the same period last year.

A total of 1,406 firms foreclosed in 2009 including 156 - five per day - in December, it said.

Ken Fennell, of Kavanagh Fennell insolvency practice, said construction firms and businesses in Leinster were hit the hardest.

Mr Fennell said: "December saw a number of notable organisations such as AIB appointing receivers to recover assets linked to a large number of properties owned by the Zoe Group. A receiver was also appointed to the Stokes brothers' private member's club Residence.

"Overall, the recent findings show that construction is still the worst-affected sector, with 32 firms going out of business in January - 33% of the total.

"Insolvencies in the sector, however, were down significantly on previous months, dropping 35% from the December total of 49 which suggests that the industry may be over the worst."

Data showed all other industries, bar the IT sector, recorded similar decreases in insolvency totals.

Despite the cold snap and the slump in trading during the January sales there was an improvement in retail, down 44% to 10 insolvencies, while hospitality failures almost halved from 24 to 14. The motor trade also saw some improvement in January, with only one company folding compared with 10 in December.