Number of bankruptcies declines – Euler Hermes

In October this year, 81 Polish companies were declared bankrupt, compared to 85 in October 2013, according to a report issued on Monday by Euler Hermes. In January-October 2014 the number of bankruptcies was 711 compared to 798 in the corresponding period of 2013. Despite a better sentiment in the construction sector, it still dominated the number of bankruptcies among production firms, Euler Hermes said. At the same time, construction material wholesalers were the minority among wholesale companies going bankrupt. “The number of bankruptcies varies in different months of this year, but generally remains lower than in the previous year,” said Tomasz Starus, management board member at Euler Hermes. He added that the trend is not a breakthrough. The numbers are declining by some 10 percent year-on-year, but they remain higher than five-six years ago, he explained.