COIG: 213 companies went bankrupt in Q1

According to the data released by the General Economic Information Center (COIG), 213 companies filed for bankruptcy in Q1. This is a 13 percent increase y/y. The main reasons are insufficient capital invested when setting up a business, too little knowledge about tax regulations, legal aspects and sources of funding. In addition, the companies often experience loss of financial liquidity. Sometimes, declaring bankruptcy is the only solution in such a situation, COIG summed up.