Belfast Telegraph

Republic is praised for speedy insolvencies

The Republic is the quickest country in the world to resolve an insolvency, according to a World Bank report.

The closely watched report also says Ireland is the ninth easiest nation out of 185 countries for resolving insolvency as well as being the third cheapest. It is also the best country in the world for enforcing contracts.

Despite this, Ireland crashed out of the top 10 countries ranked as the world's easiest places to do business, falling from 10th to 15th spot.

Singapore retained its No 1 rank for the seventh year in a row, followed by Hong Kong, New Zealand, the US and Denmark.

Georgia and Australia broke into the top 10, edging out Iceland as well as Ireland.

The annual 'Doing Business' report from the World Bank and its private-sector lending arm, the International Finance Corporation, also says Ireland is the 10th easiest country in the world to start up a business thanks to online registration.

The report tracks regulations that affect a company from the ease of starting a new business to how long it takes to fill out taxes or register property. The rankings also rate legal protection.