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Number of bankruptcies expected to grow

THE NUMBER of bankruptcies in Slovakia will grow by 8.7 percent this year to 1,788, according to a study by the insurance group Euler Hermes. Not even the country's fast-growing economy is powerful enough to avert this trend, the Hospodárske noviny daily wrote.

Justice Ministry statistics show that 1,645 companies filed for bankruptcy last year. According to Helena Múdra from Euler Hermes, 80 percent of all proposed bankruptcy proceedings were rejected on the grounds that the bankrupt entities were completely insolvent. According to Múdra, this is an alarming figure, as it shows an increase in the number of companies with absolutely no assets.

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