30.07.2010 15:19
According to figures published by Statistics Iceland (SI) this morning, 548 firms were declared bankrupt in the first six months of the year, an increase of 8% year-on-year and 40% compared with the first half of 2008. In comparison, it is worth noting that the number of corporate bankruptcies during the first half of the current year equals or exceeds that for the period 2005-2006, when bankrupt firms averaged 545 per year. This trend is a sign that business and operational conditions are still extremely difficult in the Icelandic economy. Most of the companies that have failed in 2010 - or one-fourth of all bankruptcies -are in the building and construction sector.
A total of 93 firms began bankruptcy proceedings in June, as opposed to 95 in June 2009, which corresponds to a decline of 2% year-on-year. 150 new private limited companies were registered in June, as opposed to 237 in June 2009, a decline of 37%. The decrease year-to-date amounts to about 32%, as 900 private limited companies have been registered during the period, as opposed to 1,320 a year ago.