An increasing number of bankruptcies – worst in the west


In the summer the bankruptcy rate in Norway increased, especially in Rogaland, according to new figures.

Now this affects is increasingly affecting larger companies with many employees, according to the newspaper Finansavisen , referring to new figures from the credit analyst by Experian.

At the end of June, bankruptcy grew by 3,3 percent compared with the same period last year. Now – a quarter later- has increased to 5.9 percent.

– The number of bankruptcies has accelerated since the summer. After slightly weaker than expected growth before summer began, says chief analyst Nils Staib of Experian. The situation is particularly worrying in Western Norway.

In Rogaland 63.3 percent more bankruptcies were reported in September than in the same month last year. In Hordaland higher bankruptcy rates of 35 percent more bankruptcies in the first half and 42 percent more bankruptcies in the first nine months were reported when comparing the numbers with the same periods last year.

CEO Frode Berg of Experian says that the bottom has in no way been reached when it comes to bankruptcies, and he anticipates that many will have a sad message from the employer before Christmas.

The new statistics also show that increasingly businesses are going bankrupt. At the end of the third quarter in 2013 not a single bankruptcy was reported of a company with 100 employees or more.

In 2014 there were two such bankruptcies, last year there were four and so far this year there were six such major bankruptcies in Norway.


Source: NTB scanpix / Norway Today