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Bankruptcies up 13% y-o-y in January-February


A total of 76 firms were declared bankrupt by the courts in February, compared with 79 in the same period of 2012, according to data from Euler Hermes, the global provider of credit insurance solutions. In January 2013 there were 90 business failures. Despite the numerical improvement, however, the February bankruptcies involved companies with combined headcount and turnover 50% higher than the month before (4,500 jobs and PLN 1.25bn or €302m in turnover, to January’s 3,000 and PLN 800m or €193m, respectively).

Cumulatively in January-February 2013 there were 166 bankruptcies, up 13% y-o-y. Of this, the largest number were in the manufacturing sector (51, up from 38 a year earlier), the construction industry (42, up from 41, including six of the 10 biggest bankruptcies during the two-month period), and services (34, up from 20).

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