19.7% fall in business failures in June y/y

Euler Hermes (EH), an Allianz Group company, analyzed official data from Court and Economic Monitor. In June 2015 the number of business failures fell by 19.7% on a year on year basis, from 76 to 61. Longer perspective also seems optimistic. H1 2015 witnessed a 5.3 percent decline in business failures in comparison with H1 2014, according to EH. Instead of 418, 396 firms went bust. According to the report, the rate of bankruptcies in 2014 was prompted mainly by large companies in construction. The notable trend shift was induced by restructuring processes among the other firms in the sector that have survived the crisis. Tomasz Straus, board member responsible for risk assessment at EH, said "Nothing heralds a change in the situation in H2."