Number of bankruptcies declined by 8% in 2015

Courts declared bankruptcies of 798 companies in 2015, an 8 percent drop compared to 2014, according to data compiled by credit insurance firm Coface. Despite the decrease, the number of motions for bankruptcy filling grew by 1.4 percent to 4,531. “We expect that the number of bankruptcy fillings will fall by 5 percent at the end of this year,” said Grzegorz Sielewicz, chief economist for the CEE region at Coface. Since 2009, i.e. from the time when an increased number of motions were observed, 28,271 firms have filed for bankruptcies. It means that more companies were in trouble than the statistics of declared bankruptcies show, Coface said.