12 percent more insolvency proceedings in the first quarter

This year's first quarter, the companies insolvency index increased by 12 percent, over the same period of last year – reports Coface Hungary credit insurer.

54.44 percent of the procedures are liquidation proceedings. Their volume increased by 12 percent. The other big part is winding up proceedings. Their volume increased by 9 percent and the situation does not really improves. Given the number of the liquidation proceedings the conclusion is that the bankruptcy law change in last September has not yet reached its goal, although the number of the proceedings is rising, but the ratio between the procedures remains very small.