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Coface: business failures up by 18% y-o-y in Q1-Q3


A total of 614 companies went bankrupt in Poland in the first nine months of 2012, which represents an increase of 18% compared with the same period of the previous year, according to latest data from Coface, the global provider of credit solutions. The figure is the highest since 2005 for this time of year. The company expects bankruptcy numbers to keep rising at an annualised pace of about 20% in the fourth quarter, which means that the figure for 2012 as a whole could be 850-900.

The manufacturing sector has the highest share of business failures in Q1-Q3 (28%), but it is construction (24%) and retail trade (23%) that have seen the biggest increases and where companies are at a particularly high risk of failure. For example, the number of building contractors that went under in January-September 2012 was nearly 40% higher than in the same period of 2011, a reflection of growing payment bottlenecks, higher prices of building materials, and unprofitable contracts. In 2013 they could be joined by property developers, as demand for new homes is squeezed by tougher access to credit, according to Coface.

Latest figures from Euler Hermes, the global credit insurance firm, paint a similar picture. They show that a total of 681 companies in Poland were declared bankrupt by the courts in January-September, which is up by 19% compared with a year earlier. (In September the number of bankruptcies was lower, though, 58 to last year’s 64). The biggest number of failures was recorded in the construction, steel and meat sectors. The company estimates that in 2012 as a whole bankruptcy numbers could reach 850, and in 2013 they are likely to exceed 900.

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