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Bad debts piled up last year

Hungarian companies booked over HUF 200 billion in unrecoverable debts last year, twice as much as in 2008, daily Napi Gazdaság reported.

According to figures published by Opten, some 6,500 companies, including 300 financial institutions, registered debts last year that will never be paid. The bad debts of financial companies amounted to HUF 30 billion, roughly the same as in 2008, while debts of non-financial companies more than doubled to HUF 174 billion. As of last year, companies may book 20% of their receivables overdue 360 days or more as bad debt, which partly accounted for the surge, daily Napi Gazdaság said. (BBJ)