Almost 170 companies collapsed in Ireland every month last year, owing nearly 1.2 billion euros (1.6 billion U.S. dollars) in unpaid debt, according to new figures released on Tuesday.

A survey by business intelligence analyst Vision-Net revealed that a total of 1,930 Irish companies failed between January and December of 2011. This figure indicates a 20-percent increase year on year.

Liquidations accounted for 73 percent and receiverships accounted for 26 percent. Companies that went into examinership accounted for just 1 percent.

On average, five companies were declared insolvent every day in 2011.

However, 14,439 new firms were incorporated, up by 5 percent on the same period in 2010.

In the first 11 months of 2011, 26,154 business names were registered and 65 percent were registered by individuals, 25 percent by companies and the remainder by partnerships.

Vision-net's figures show companies in the hotel and restaurant sector were hardest hit by the recession. Of 5,000 companies Vision-net analyzed in the hospitality sector, 3,401 were deemed to be at high risk.

In 2011, 181 companies in the hospitality sector closed, accounting for about 9 percent of all business failures.

Altogether 9,529 construction companies out of the 16,145 analyzed showed signs of business failure. Almost half of the 14,536 real estate companies examined were considered to be in danger of insolvency.