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Coface: business failures down by 5% in 2010


2011-01-07



A total of 655 companies in Poland declared bankruptcy in 2010, down by 5.2% compared with the year before, according to latest data from Coface, the global provider of credit solutions. The figures confirm that the upward trend in corporate bankruptcies has bottomed out, but their number was still much higher than the low of 411 recorded in 2008.

The biggest improvement occurred in transport and trade, where the number of business failures declined by nearly one fourth last year. In the manufacturing sector – which accounts for the largest percentage of bankruptcies – the figure was down by almost 10%, as in all but one sub-sector the number of bankrupt firms was either lower or comparable to 2009. The one exception was furniture manufacturing, which suffered a substantial increase in failures due to weaker demand, albeit from a relatively low base. On the other hand, in the construction sector the situation remained difficult, with a 20% rise in failures (compared with 2008 the figure surged by 66%).

Coface notes that whereas 2009 was marked by a large number of bankruptcies among large firms, last year brought an increase in the proportion of small companies.

According to Coface, the decline in bankruptcies has not been accompanied by a corresponding improvement in receivables performance. But the number of failures in 2011 should not be higher, as the finances of Polish firms were relatively strong going into the new year, the company says.



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