The number of companies going bust in the first three months of this year is down almost 25% on the same period a year ago, according to website Faillissementsdossier.nl.

In total, 2,672 companies and institutions were declared bankrupt in the first quarter of 2014, compared with 3,470 in the year earlier period.

The drop was sharpest in the transport sector, where the bankruptcy rate fell by almost 40%. In the catering industry, however, there was a 15% rise.