Beating the bankruptcy blues
Figures show that 860 businesses went bankrupt during the first nine months of the year, a 45 percent drop on the same period in 2003. Analysts say the decrease is a result of Poland's economic revival.
The Euler Hermes risk management company believes accession to the European Union benefited Polish business by allowing development and expansion into new markets.
Among Poland's administrative regions only the Opole voivodship recorded an increase in the bankruptcy rate (30 percent).
Twenty-three percent of firms that went bankrupt between January and September were wholesaling companies, the majority of which sold construction materials and groceries. The least risky wholesaling businesses involved the sale of alcohol and pharmaceuticals.
The retailers who most frequently succumbed to bankruptcy were pharmacies and home improvement stores. A total of 160 construction companies went bankrupt during the first three quarters of the year.
"Currently, high VAT is our biggest problem. It negatively effects the financial situation of small construction companies," said Euler Hermes' director of the information Maciej Harczuk. (PAP, A.Ł.)
The Euler Hermes risk management company believes accession to the European Union benefited Polish business by allowing development and expansion into new markets.
Among Poland's administrative regions only the Opole voivodship recorded an increase in the bankruptcy rate (30 percent).
Twenty-three percent of firms that went bankrupt between January and September were wholesaling companies, the majority of which sold construction materials and groceries. The least risky wholesaling businesses involved the sale of alcohol and pharmaceuticals.
The retailers who most frequently succumbed to bankruptcy were pharmacies and home improvement stores. A total of 160 construction companies went bankrupt during the first three quarters of the year.
"Currently, high VAT is our biggest problem. It negatively effects the financial situation of small construction companies," said Euler Hermes' director of the information Maciej Harczuk. (PAP, A.Ł.)
