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Going broke Geneva and Zurich regions hardest hit by bankruptcies

Geneva's bankruptcy office has been particularly busy


The number of bankruptcy proceedings opened in Switzerland rose by almost 10% last year, the government reported on Thursday.

In all there were 13,016 cases opened against companies and individuals in Switzerland in 2015, up 9.9% from a year earlier, mainly due to personal bankruptcies in the commercial registry.

Some 22 of the 26 Swiss cantons saw a rising number of bankruptcy proceedings, according to the latest figures from the Federal Statistical Office.

Lake Geneva, with a yearly increase of 361 cases, and Zurich, with 213 more cases than in 2014, were the hardest hit regions, the office said.

The figures indicate new prosecutions over debts and bankruptcy, but do not reflect procedures related to business dissolutions because of organisational deficiencies.

In terms of financial losses, the total amount resulting from ordinary procedures and summary liquidation bankruptcies grew more slowly than in 2014, when there was a sharp increase, the office said.

In 2015, that amount increased to almost CHF2.9 billion ($2.98 billion), up 14.6% from CHF2.5 billion.


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