Creditreform: bankruptcy up 58% and worsening

Over 4,000 cases of bankruptcy were filed in the first half of 2009, nearly 58% more than during the same period of last year. According to the credit management company Creditreform, which released the information, a total of 891 cases of bankruptcy were filed in June alone, which is a record number for one month. The growth in bankruptcy cases is primarily among entrepreneurs, where the frequency of insolvency is up by 87%. Moreover, more than half of the entities filing for bankruptcy in the first half of the year had their cases dismissed for lack of property. Creditreform expects that by August of this year the number of bankruptcies filed will have reached the same number as for the whole of 2008.