Bankruptcies set to climb to record high

The number of bankruptcies in Switzerland during the first six months of the year was the highest in ten years, according to figures published on Thursday.

This content was published on July 9, 2009 - 14:15

Dun and Bradstreet (D&B), a provider of credit information on companies, said 2,455 firms had gone bankrupt, 32 per cent more than during the same period last year.

The number of insolvencies was particularly high in May and June, climbing 51 per cent and 70 per cent respectively compared with 2008. Small traders, hotels and craft workshops were particularly affected.

D&B said this was a "foretaste" of bankruptcies that would follow later this year. The company forecasts a record 5,100 firms going bust for the year as a whole, compared with 4,000 last year.

As a result of the economic slowdown, the number of new companies being registered has declined by ten per cent compared with 2008.

But at 17,229, the number by far exceeds the number of bankruptcies.

swissinfo.ch with agencies

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