According to advance information for the company that provides risk management services to the business sector, after the “peak” of 855 insolvent companies last May, July confirms “the downward trend” started in June, the month in that 695 companies have declared bankruptcy.
With a total of 4,888 insolvent companies in the first seven months of 2014, the growth rate of insolvencies decreased to 0.3% compared to the same period last year, when 4,871 insolvent companies were hit in Portugal.
The most significant decreases were observed in insolvencies requested by the company, which fell 24.8% in the first seven months of 2014 at least 423 companies face insolvency request . the same period in 2013 (1.703 companies)
The number of insolvencies required by lenders also fell: at the end of July, 1,458 applications had been made by insolvency creditors, while in the same period last year, 1,464 companies were targeted.
On the other hand, the final declarations of insolvency, ie, those in which the process is completed, grew 28.9% accumulated in 2014 to 2,036 companies, according the Ignios.
The construction sector and public works continued to lead insolvencies, concentrating 18.7% of insolvent companies in the first seven months of 2014, although it has slightly reduced its weight compared to 2013 (18.8%).
In geographical terms, the Oporto district has recorded the highest number of insolvencies, followed by Lisbon, Braga, Aveiro and Setúbal.
The Ignios stresses, however, that in the first seven months of the year 21,517 companies were created, “which means that for every 4.4 new born company insolvent companies.”
Digital Money with Lusa
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