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Number of insolvency procedures up 29%

The number of insolvency procedures exceeded 14,600 in 2009, up 29% from the previous year, while the number of winding-up procedures rose more than 53%, Creditreform Kft told MTI.

The number of bankruptcy procedures was 49 in 2009 compared to only a few in earlier years and none in 2008.

The total number of procedures exceeded 28,500 in 2009, up more than 40% from 2008.

The combined registered capital of the companies affected by liquidation was close to HUF 116 billion (€426.35 million) in 2009, up almost 40% from 2008.

Last year, a procedure of some type was initiated against close to 46,000 companies, of which liquidation or winding-up of around 6,000 businesses was initiated. (MTI-ECONEWS)