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Number of bankruptcies up 20pct on Q1 2011

Source: Cinco Dias - Tue 8th May 2012
Number of bankruptcies up 20pct on Q1 2011

The number of induviduals and businesses filing for Bankruptcy in Q1 of 2012 reached 2,224, an increase of 21.5% over the same period of 2011 and the highest level it has reached since the onset of the financial crisis.

Induvidual bankruptcies increased by 1.5% over the quarter to reach 266, while Business bankruptcies grew by 24.9% to reach 1,958, according to data released today by the National Institute of Statistics (INE).

Of the 2,224 cases filed over the quarter, 88% were from businesses, with 31.3% (612) of these companies being involved in the construction and property development sectors.

Companies involved in the energy sector represented 18.7% of all businesses declared bankrupt in the first quarter (367), and trade represented 17.7% of all bankruptcies (347 procedures).

Of all companies that were declared insolvent during Q1 of 2012, 358 were corporations (up 23.4% over the same period in 2011), while 1,475 were private limited companies (up 25.9%).

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