What´s New

17-10-2011

Portuguese insolvency increase

Between January and September 2011, more than 4,500 legal actions were brought in the Portuguese courts.

Porto, Lisbon and Braga are the districts which more recorded judicial bankruptcies. Data released today by Coface show that in the first months of this year, the insolvency proceedings grew 35.8% in Portugal.

By September, 4519 actions were brought in the courts, compared with 3,327 registered in the same period in 2010.

This increase is justified, especially by insolvency proceedings requested by the companies themselves in trouble, which rose 82.5%. Insolvency requested by creditors rose 33%.

Of the 4,519 insolvency proceedings  filed, only 1512 were already declared, while the remaining are still waiting for judgment. According to data from Coface, Porto, Lisbon and Braga were the districts were most insolvency legal proceedings were recorded between January and September, representing 57% of the total.

In sectoral terms, the companies related to manufacturing, construction and public works, services and trade were the worst affected.