Over 12,300 companies and people were declared bankrupt in 2013, a 10% rise on 2012 and the highest figure since bankruptcies were first tracked in 1951.

The number of companies going bust rose 12% but there was a 5% drop in the number of one-man operated firms going under, the national statistics office CBS said in a press release.

In total, 2,850 private individuals were declared bankrupt, a rise of 9% on 2012.