Over 3,000 Bankruptcies In Spain In First Half of This Year

The number of businesses and individuals filing for bankruptcy in Spain reached a record 3,285 in the first half of this year, or triple the figure in the same period in 2008, The Economic Times reported. Firms and the self-employed accounted for all but 515 of the filings, the National Statistics Institute (INE) said Wednesday. By industry, 32.1 per cent of the firms declaring bankruptcy in the second quarter were mainly involved in construction or real estate sales, while 24.9 per cent were in industry and energy, and 17.3 per cent operated in the retail sector. Bankruptcies continued to affect small businesses, with 74.7 per cent of companies seeking protection from creditors registered as limited liability corporations and 64.9 per cent having annual revenues of less than 2 million euros. Some 40.4 per cent of the firms filing for bankruptcy had 10 to 49 employees on their payrolls. Read more.