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Bankruptcies rise in number and spread geographically

According to research of Euler Hermes in Q1 the number of bankruptcies increased by 11% topping 105 companies, with the majority of problems observed in Mazowsze and Silesia, but the wave of bankruptcies has started to spread beyond large cities.

"[Courts] could take up to 20 weeks to consider bankruptcy motions that were submitted at the beginning of the year. The number of bankruptcies can substantially increase in April or May," said Tomasz Starus, director of risk assessment division at Euler Hermes. Initially, the problems affected exporters and thus concerned mostly Mazowsze and Silesia.

Now, it is spreading also in Lower Silesia and Warmia i Mazury, where timber and furniture companies now face problems. According to Euler Hermes, 31% of bankruptcies concern manufacturing companies, but since January the number of service companies went up from 16 to 24%, and even retail companies are going under.

"Entrepreneurs would cope with the slowdown if it was mild, but the pace of the current changes are too high to neutralize it," said Jeremi Mordasewicz of the Polish Confederation of Private Employers (PKPP) Lewiatan. (MM)

Source: Rzeczpospolita

Has anybody noticed this in other parts of Poland