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More businesses going bankrupt

The number of bankruptcies involving Swiss businesses rose by 20 per cent in February compared with the same month last year.

A total of 490 companies went bust, according to figures published by Creditreform, the Swiss association of creditors.

Creditreform described it as a “bad start for the Swiss economy in 2010”.

The northwest of the country was the worst hit, with the rate of bankruptcies among companies rising by 92.9 per cent.

But at a national level the number of private bankruptcies fell by seven per cent, with insolvency proceedings opened against 465 people.

On the other hand, there were 4.5 per cent more businesses registered in January and February compared with the first two months of 2009. and agencies

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