Euler Hermes: 62 companies bankrupt in August

Allianz Group member Euler Hermes said on Tuesday that in August 2014 62 companies went bankrupt, in comparison to 66 in August 2013. The data was provided by the Court and Commercial Gazette (Monitor Sądowy i Gospodarczy), an official Polish publication. The companies’ last known turnover amounted to PLN 500 million in total. The number of their employees was 1,600. In the period of January-August 2014 559 Polish businesses went bankrupt, compared to 647 in the same period of 2013. As the Euler Hermes report says, enterprises rendering services noted a bigger factor of bankruptcy than in the previous year. The meat industry is also in trouble. Companies dealing in production and constructing noted worse results because of decreasing turnovers. However, the transportation and food producers’ sector noted an increase in sales. Their problems, if any, resulted from an abrupt decrease of sales’ profitability, rather than its low profitability.