Number of bankruptcies declared down by 60 percent y-o-y in July

The number of bankruptcies declared for the property of corporate entities amounted to 16 in July, down by almost 60 percent from the 38 reported in June, Slovak company Credit Bureau (CRIF) stated on Tuesday, adding that the figure remained unchanged year-on-year (y-o-y).

All the companies that filed for bankruptcy were limited-liability companies. "The figures for June seem to indicate that the situation on the market has stabilised, but fewer bankruptcies are usually declared in the summer months due to the holiday season. Meanwhile, we are observing another ongoing trend that may indicate problems in the small business sector. According to data from the Cribis register (a register of trading companies in Slovakia and in the Czech Republic), more than half of companies in bankruptcy had no employees, while almost 19 percent had fewer than ten of them," said CRIF chief analyst Jana Markova.

Source: TASR