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Bankruptcies up by 26% y-o-y in H1


In the first six months of 2012 Polish courts declared the bankruptcy of 472 companies, which represents an increase of 26% compared with the same period of 2011, according to latest data from Euler Hermes, the global provider of credit insurance solutions. In June alone there were 77 bankruptcies, up by 35% y-o-y. The number of business failures thus continues to rise at an accelerating pace, having grown by 24% y-o-y in January-May.

Euler Hermes notes that June saw a deepening of earlier trends. In the construction industry, which has experienced more than its fair share of failures this year despite an unprecedented infrastructure investment programme, financial bottlenecks have now spread to the largest companies. As a result, the total turnover of the firms that went under in June was three times the figure in May. Cumulatively in January-June 133 construction companies went bankrupt, up by 77% y-o-y.

The sector that saw an even bigger increase in bankruptcies than construction in H1, though from a lower base, is retail trade, with 56 failures, up by 87% y-o-y. The meat industry also remains under pressure, and, just as in construction and retail, large firms are increasingly affected too. And the four bankruptcies among furniture makers announced in June suggest the May figure was more than a one-off.

Euler Hermes expects the growth in bankruptcy numbers to continue at its current pace, or possibly even increase, in the remainder of the year. On current trends, in 2012 as a whole the bankruptcy toll is likely to reach 850 companies.

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