Switzerland places well in survey of bankruptcies

The number of bankruptcies in Switzerland fell by four per cent last year, according to a new survey. It places Switzerland in mid-table in comparison to other European countries.

The number of bankruptcies in Switzerland fell by four per cent last year, according to a new survey. It places Switzerland in mid-table in comparison to other European countries.

A total of 8,500 companies went bankrupt in Switzerland in 1999, the lowest annual figure since 1991, and another sign the economy is moving out of recession. The figure was slightly below the European average.

Over the period 1994-99, the number was down by nearly 18 per cent, whereas the average in Europe fell by nearly 12 per cent, according to the Creditreform survey of 17 countries released in Zürich. The vast majority of companies going broke employed less than nine people.

The biggesdt drop in bankruptcies last year was recorded in The Netherlands (minus 24 per cent) while the biggest rise was in Luxembourg (plus 32 per cent).

From staff and wire reports