Fall in Belgian bankruptcies

3 August 2004

BRUSSELS – The number of bankruptcies fell for the first time this year in July, it was revealed on Tuesday.

The number of companies going out of business dropped by 11.6 percent, from 476 to 421, reports Le Soir.

This compares to a less rosy picture for the first seven months of the year.

The 4,710 bankruptcies registered between 1 January and 31 July represented a five percent rise on last year’s figures and an all-time high.

But despite this rise, the number of jobs lost has actually fallen.

Most businesses that have collapsed this year have been small, translating into fewer redundancies.

A total of 11,650 posts were lost during the first seven months of the year, in comparison to 14,300 the previous year.

July’s improved figures can be credited to a slight economic upturn, according to the Graydon office of studies.

Subject: Belgian news