Record number of bankruptcies
5 November 2007 BRUSSELS - No fewer than 875 Belgian companies went bust last month. The figures are almost 18% up on those for October 2006. October was the fourth consecutive month that the number of companies calling it a day increased.
The figures reveal that 45% of the companies that file for bankruptcy have been in business for less than a year. High start-up costs and lower than expected returns can soon put an untenable strain on a company’s finances.
The hospitality industry in particular is vulnerable to businesses failing.
166 companies in the hospitality industry folded during October.
This is almost one in five of the total number of bankruptcies recorded.
The greatest number of bankruptcies were in Greater Brussels and the Antwerp province.
[Copyright Flanders news 2007]
Subject: Belgian news