The Irish economy grew faster than previously estimated in the third quarter on the back of a rebound in multinational exports, according to official data, the Irish Times reported. GDP (gross domestic product) increased by 3.5 per cent between July and September, revised up from previous estimate increase of 2 per cent, the Central Statistics Office (CSO) said on Thursday.
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Ireland
Ireland-based clean hydrogen solutions developer Fusion Fuel Green Plc has filed for insolvency for its Portuguese subsidiary after a USD-33.5-million (EUR 31.6m) funding deal with investor Hydrogenial SA has failed to complete, RenewablesNow.com reported. As advised by the insolvency counsel after paperwork submission, Fusion Fuel has initiated a claim in Portugal against the investment firm and its principal, Norbert Bindner, for damages incurred due to Hydrogenial’s breach of their agreement, a press statement says.
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Boom-time developer Seán Dunne has said it would be “beyond bizarre” for the High Court to strike out his application challenging the appointment of two officials overseeing his bankruptcy, the Irish Times reported. Lawyers for the bankruptcy officials and head of the Insolvency Services of Ireland, Michael McNaughton, have raised a preliminary objection to various motions brought by Mr Dunne (70). Lyndon MacCann SC, with Úna Nesdale, said Mr Dunne’s application was brought in a procedurally improper way and should have come by way of plenary summons.
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Insolvencies among retail businesses jumped in the third quarter as business advisory giant PwC warned of a fresh spike in both retail and hospitality insolvencies in early 2025 amid ongoing stresses in the two sectors, the Irish Times reported. The retail sector now accounts for one in four of all insolvencies so far this year, PwC’s quarterly insolvency barometer found, with 76 retail businesses becoming insolvent in the three months to the end of September on top of 43 in each of the first two quarters.
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The European Commission has opened infringement procedures against Ireland for allegedly not fully transposing a directive on insolvency into law, the Irish Independent reported. Brussels sent a letter of formal notice to Ireland on September 26, accusing the country of not meeting a July 17 deadline to set out how it plans to introduce electronic communications for three aspects of insolvency.
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