Number of bankruptcies fell 7.3 pct

Altogether 469 legal persons went bankrupt in Estonia during 2013, 7.3 percent fewer than in 2012, figures published by the credit information provider Krediidiinfo on Tuesday show.

Just like in the previous couple of years, the number of bankruptcies continued to decline in Estonia last year, albeit at a significantly slower pace. In 2011, the number of bankruptcies fell 40 percent and in 2012, 20 percent year on year.

The number of businesses that went bankrupt last year made up 0.26 percent of the total number of businesses in Estonia. Their aggregate sales in the year before the bankruptcy totaled 197 million euros and net loss 8.8 million euros. The biggest creditors of bankrupt companies were banks and suppliers.

The average company going bankrupt in 2013 had annual sales of 1.3 million euros. Almost three in four had accrued tax debt during the past year and almost one in three had been indebted to the tax authority during the whole year.

Source: Baltic News Service via Estonian Review

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