Bankruptcy rates slowly decreasing in Iceland

iceland-bankruptcyAccording to information released by Statistics Iceland (Hagstofa Islands), there were 555 Icelandic companies declared bankrupt in the first 8 months of 2009, but in the first 8 months of 2008 there were just 470 companies declared bankrupt. This is equal to a 17 percent increase over the past year.

However, in August 2009 there were just a total of 12 Icelandic companies that were declared bankrupt in comparison to last year’s previous figures of 20 companies in August 2008, reported today.

Most of the bankruptcies occurred in the construction business and many of the others were in retail and motor mechanics.

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