Bankruptcies down by 9% in 2015

In 2015, 747 Polish companies were declared bankrupt, compared to 822 in 2014, according to a report issued  by Euler Hermes. "The analysis of bankruptcies and the results of companies for 2015 indicates a slowly growing problem of companies' finances, particularly small firms. Competing mainly on price on the domestic and foreign markets drains the profitability of firms. As a result, they have increased  their debt noticeably over the last few quarters . They are financed with debt instead of profit not by choice, but by necessity," a report said. The company expects that the number of bankruptcies will fall by 3 percent in 2016 .