Liquidations up 14.4% yr/yr in H1

Tourism

About 7,230 companies went under liquidation in Hungary in the first half of 2006, 14.4% more than in the same period a year earlier. Just eight companies filed for bankruptcy protection during the period as against 17 a year earlier, according to figures compiled by the Creditreform Hungarian Creditor Protection Association.

There were 4,588 liquidations initiated by creditors in the first half of 2006, 15% more than in the same period a year earlier, and the number of liquidations initiated by companies themselves rose 13% to 2,639. Creditreform noted that the big increase in the number of insolvencies came as no surprise. The largest number of liquidations, accounting for about half of the total, were seen among retail companies and building companies. The two branches account for less than 35% of all companies in Hungary.

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