More businesses go bankrupt in Norway

Insolvent BankruptBankruptcy. Whole towns can become insolvent. Photo: Pixabay

More businesses go bankrupt, less foreclose

The number of bankruptcies in Norway increases by 13.4 per cent in October, according to the Analyst Company Bisnode. 

 

At the same time, the number of foreclosures has dropped by 63.9 per cent in the same month. Overall, the number of bankruptcies and forced settlement decreases by 10.3 per cent in October 2018, compared to the same month last year.

So far in 2018, 5,369 companies have ended their existence in the Norwegian Court system. This is an increase of 4.2 per cent from last year.

– This is a good trend. With a very high level of bankruptcy earlier this year, we looked to experience more bankruptcies than during the financial crisis in 2009. Bankruptcy figures are still high, but due to the fact that far fewer businesses have been foreclosed by the authorities recently, 2018 seems not to turn out as bad as we feared. Credit Economist in Bisnode, Per Einar Ruud, states this.

The most bankruptcies occur in construction, service and retail, as usual.

Statistics Norway (SSB) announced the bankruptcy figures for the third quarter on Monday. They also report an increase in the bankruptcies in Norway.

Bankruptcies for 2018-09 (October breakdown not available, yet)

Business area

2017-09 2018-09 Diff %

Construction

128 128 0 0%

Services

116 95 -21 -22%

Retail

80 73 -7 -10%

Hotel / Restaurant

56 44 -12 -27%

Transport / Storage

41 38 -3 -8%

Wholesale

41 25 -16 -64%

Industry

30 20 -10 -50%

Property

29 12 -17 -142%

Primary

7 3 -4 -133%

Others

62 63 1 2%

Total

590 501 -89 -18%

 

© NTB scanpix / #Norway Today

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