The number of companies declared bankrupt decreased to 62 cases in January of 2014 from 90 cases a year ago, insurer Euler Hermes has reported citing data from the Polish courts. Still, the number of bankruptcies was more than twice higher than five years ago (it was 31 cases in January of 2009), when GDP growth of above 5.0% was noted (vs. last year's 1.6%), the firm stressed.
Also, January usually shows better-than-average results due to accounting reasons. In subsequent months, the decline will be so spectacular, Euler Hermes stressed.
Hence, it expects the whole-year number of bankruptcies to ease only slightly, to the levels seen in 2010-2012. The downward trend could only be reversed, if Polish economy again expanded at a rate of 4-5%, it pointed out.
In January of 2014, there were 18 cases of bankruptcy in the manufacturing industries (vs. 32 cases a year earlier), 17 cases in the services sector (vs. 17, respectively), 12 cases wholesale trade (vs. 12) and 9 cases in the construction sector (vs. 20).
Polish protests against the government's judiciary reforms continued for a sixth day on July 23, as crowds sought to add to pressure on President Andrzej Duda to veto the controversial bills that ... more
Senior Czech judges on July 21 denounced Poland's judicial overhaul as an attack on the rule of law. With big street protests in the Czech Republic's neighbour seemingly gathering momentum – 120 ... more
Unipetrol looks to have finally got over the August 2015 fire and explosion that wrecked its steam cracker, an indispensable installation in the production of ethylene feedstock needed to manufacture ... more