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Company insolvency increasing problem in Hungary, survey finds

The number of insolvent companies in Hungary tripled year-on-year in 2006, rising 17.8%, a survey by the Hungarian unit of French credit insurance company Coface found.

About 3.15% of Hungarian companies were unable to pay their liabilities in 2006. Private security companies, textile manufacturers and construction companies showed the highest incidence of insolvency. Coface expects credit risk in Hungary to grow in the next 2-3 years.