Bulgaria Sees SEE's Sharpest Rise in Insolvencies in 2012
Thursday, 01 January 1970
Insolvency proceedings against Bulgarian companies last year increased by 243%, the sharpest growth rate in Southeast Europe (SEE), a survey showed.
A total of 1,339 Bulgarian companies entered insolvency in 2012, the survey, conducted by the local unit of French credit insurance agency Coface,showed.
High financial and operating leverage, high financial costs, volatile prices of raw materials and low liquidity were the main reasons for bankruptcies in the country.
Serbia was the only country in the region where fewer companies slipped into insolvency last year.
The survey includes Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Serbia, Slovakia, Slovenia, and Ukraine.