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


2012-11-05



In the first 10 months of 2012 Polish courts declared the bankruptcy of 774 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 October there were 93 bankruptcies, compared with 56 a year earlier, an increase of 66% y-o-y. The sharp rise was driven by a wave of business failures in the construction sector. More than a third of October’s total cohort of bankrupt firms (33) were construction companies, the worst monthly result for the sector since 2003. The statistics suggest problems are spreading beyond road construction and transport into other parts of the industry and related sectors, notably makers and distributors of building materials. Cumulatively in January-October there were 233 bankruptcies in the construction industry, up 80% y-o-y.

The companies that went under in October employed about 5,500 people between them and had combined revenues of nearly PLN 1.4bn (€340m).



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