Bankruptcy rate set to soar: Graydon

The number of bankruptcies last month rose 22% compared to October to around 660, according to Robert Blom, director of the bankruptcy register Graydon, on the tv programme Nova on Tuesday night.

Blom said the situation in 2009 is the even more gloomy with an increase in bankruptcies of between 40% and 50% forecast.
‘We expect to close this year with around 6,500 bankruptcies. We expect next year to be a disaster on the same scale as 2005 when 10,000 companies went bust,’ Nova quoted the organisation as saying.
‘As well as bankruptcies, some 20,000-30,000 self-employed people are expected to close down their businesses because of a lack of work. We estimate the damage caused will be over €3bn.’

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