Czech Bankruptcy Filings Up 71 Percent Year Over Year


The number of Czech bankruptcy filings rose 71 percent year on year, a research by debt collection and research firm Creditreform showed on Monday, Reuters reported. Czech firms have been hit as export orders fell at a double-digit rate during the economic crisis. Policymakers have warned the worst impact on the business sector is yet to come. A total of 7,458 bankruptcy filings were lodged during Jan-Oct. 31, of which 4,290 were companies and the rest were individuals, Creditreform said. The drop in exports and tight credit have dragged on the Czech economy, which contracted by 5.5 percent year-on-year in the second quarter, despite evidence of improving industry and recovering demand from Europe. Read more.