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Bankruptcies drop – but rate slows

The number of bankruptcies in Switzerland in 2008 is set to fall, but at a slower rate than in the previous year.

Creditreform, the country's association of creditors, expects 4,200 firms to go bust by the end of the year, compared with 4,314 in 2007.

While fewer bankruptcies is good news, the reduction rate has slowed from four per cent a year between 2005 and 2007 to three per cent.

As for 2009, faced with freefalling markets and recessions in several countries, Creditreform is not making any predictions, although it added that Switzerland remained robust.

The association also says 37,000 firms were founded in 2008, 1.7 per cent more than in 2007.