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Construction company liquidations rise in November - Opten

Creditors launched liquidation procedures against 308 Hungarian construction industry companies in November, up 2.3% from the same month a year earlier, Opten said on Thursday.

There were 304 construction companies established in Hungary in October, 20.9% fewer than in the same month a year earlier, Opten said.

The owners of many Hungarian companies that undergo mandatory or voluntary liquidation move as many assets as they can into a newly established company and continue business as usual. The number of companies that ask for bankruptcy protection is minimal.

The number of construction sector companies that went under mandatory liquidation in January-November climbed 16.3% to 3,590 from the same period a year earlier. (MTI-Econews)