Company crashes set to hit record next year
By Richard Milne and Anousha Sakoui in London
Sunday Dec 7 2008 13:20
Record numbers of companies will go bankrupt next year with 200,000 insolvencies in Europe alone and "an explosion" of failed businesses in the US, according to the world's largest credit insurer.
The US will see 62,000 companies go bust next year, compared with 42,000 this year and 28,000 last year, says a report by Euler Hermes, part of German insurer Allianz.
The absolute numbers, however, pale in comparison with the figures from western Europe, where the larger number of small companies mean insolvencies are expected to rise by a third from 149,000 last year to 197,000 next.