Sunday 27 November 2022

Bankruptcy rate rises for a second month, but remains low


The bankruptcy rate rose for the second month in a row in October, according to new figures from national statistics agency CBS.

In total, 204 firms were declared bust last month, but this is still well below the monthly average prior to the coronavirus outbreak, the CBS said.

The bankruptcy rate is now up 10% on the same period on 2021, when the number of firms going bust fell to an all time low, thanks to financial support to help companies through the pandemic.

Companies in the retail and trade sector accounted for 32 of October’s bankruptcies, with construction companies and specialist business services in second and third place.

The number of bankruptcies reached a peak of 911 in May 2013, at the height of the financial crisis.

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