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BUSINESS IN SHORT

Bankruptcies rose in 2011

A RECORD number of companies went bust in Slovakia over the last year, with 340 companies filing for bankruptcy, an increase of 55 compared to 2009. Observers agree that the higher bankruptcy numbers are a result of the global financial crisis, but say they are not necessarily negative for the economy, public broadcaster Slovak Radio (SRo) reported.

A RECORD number of companies went bust in Slovakia over the last year, with 340 companies filing for bankruptcy, an increase of 55 compared to 2009. Observers agree that the higher bankruptcy numbers are a result of the global financial crisis, but say they are not necessarily negative for the economy, public broadcaster Slovak Radio (SRo) reported.

According to Jana Marková, chief analyst at the Slovak Credit Bureau, the increased number of bankrupt businesses indicates that economic recovery was not balanced across all sectors of economy.

“Some companies used up all their reserves in the course of 2009 and at the start of 2010, and did not manage to improve their financial situation despite savings measures,” Marková told SRo.

The hardest-hit areas were those of mining, transport, logistics and industrial production.

However, Slovak Business Alliance (PAS) head Robert Kičina noted that the high number of bankruptcies could be good for the economy.

“The market gets cleared, creating space for new businesses to emerge,” he told SRo.

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