Euler Hermes: number of insolvencies up 5% y/y in Q1-Q3

The number of insolvencies of Polish companies increased by 5% y/y to 757 in the first three quarters of 2019, said Euler Hermes citing official data from the Court and Economic Monitor. The total turnover of these companies (latest known figure) is PLN 14.35 billion and they employ a combined 25,500 people.

This is the fourth year in a row when the number of insolvencies of Polish companies is growing. The increasingly higher reference point was again exceeded. The first three quarters of this year saw the largest number of insolvencies to have ever been recorded in the Q1-Q3 period in Poland.

“Although economic growth is still solid, prosperity only favored those companies that focused on optimizing costs and increasing profitability on time. Other entrepreneurs were not surprised by changes in the individual market factors, but they were hit by the change in the entire market,” said Tomasz Starus, a board member at Euler Hermes responsible for risk assessment.

(ISBnews)