Bulgaria's corporate failures balloon in 2010

Bulgaria's corporate failures balloon in 2010

The number of Bulgarian businesses that have declared bankruptcy since the start of the crisis has soared by 80%, figures of the Registry Agency obtained by Dnevnik show.

In 2010, the court declared bankrupt 428 firms that were forced to terminate their operations over inability to cover their obligations, up from 239 insolvency cases registered in 2008.

At the same time, a total 523 companies started insolvency procedures in the past year, twice as many as the bankruptcy proceedings initiated in 2009.

Construction companies, tour operators and food producers were among the hardest hit by the financial crisis, according to the Registry Agency.

In January, local employers predicted that 2011 will also see a large number of bankruptcies, some of which to be healing for the business.(Source: Dnevnik)

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