Number of Liquidations Increasing Rapidly
The number of company liquidations in Hungary is increasing rapidly, writes business daily Világgazdaság.
About 10,000 companies have been liquidated so far this year, compared to 8,111 last year and 4,359 in 2021. Based on last year's data, the construction industry has the highest risk, while agriculture is the most stable.
In many cases, businesses prefer to liquidate themselves rather than file for bankruptcy. The number of liquidations is several times that of bankruptcy proceedings, as 22 of the latter were initiated in 2021, 30 last year, and 14 so far this year.
The latter is considered a stigma in Hungarian corporate life that all managers try to avoid, even though in many cases bankruptcy proceedings could be a much more conscious and favorable process, vg.hu added.
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