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Bankruptcies up by 23% y-o-y in January-August


In the first eight months of 2012 Polish courts declared the bankruptcy of 623 companies, which represents an increase of 23% compared with the same period of 2011, according to latest data from Euler Hermes, the global provider of credit insurance solutions.

In August there were 76 bankruptcies, as against 56 a year earlier, up by 36% y-o-y.

The construction industry remains the worst hit, with makers and distributors of food, furniture, as well as retail and transport companies also going under in rising numbers.

Geographically, provinces that are less industrialised, have less exposure to foreign markets or whose business sector is dominated by smaller companies with lesser reliance on external financing continue to report relatively lower bankruptcy numbers than e.g. Dolnoslaskie or Mazowieckie, both in absolute terms and in relation to 2011. Examples include Lodzkie, Opolskie, Podkarpackie or Warminsko-Mazurskie, where the number of bankruptcies is similar or lower than a year earlier, Euler Hermes notes.

In July Euler Hermes expected the growth in bankruptcy numbers to continue at the current pace of about 25% y-o-y, or possibly even increase, in the remainder of the year, and estimated that on current trends the full-year bankruptcy toll was likely to reach 850 companies.

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