The effects of the financial crisis appears in number of insolvencíes in Hungary

About 26% of insolvency procedures were in the trade sector and 17% were in the construction sector. The number of insolvencies was also disproportionately high in the tourism, real estate and automotive sectors.

 About 15,200 Hungarian companies became
insolvent in Q1-Q3 2008, up 11% from the same period a year earlier,
according to figures compiled by the Hungarian unit of French credit
insurance company Coface.

Almost 7,100 companies were wound up in
Q1-Q3, 10% more than in the same period a year earlier. The number of
companies liquidated at the initiation of creditors rose 12% to
8,100. Just 12 companies asked for bankruptcy protection. Hungary’s
laws are such that business owners have little incentive to ask for
bankruptcy protection. It is far easier to take the assets out of an
insolvent company, wind up the company and place the assets into a
new company.

The solvency procedures in the first
nine months affected 2.98% of all registered companies, Coface
figures show. The proportion of companies under liquidation or windup
was the highest, 6.24% in security services, followed by a 5.26%
ratio in the construction sector. The ratio was 4.17% in retail trade
and 3.68% in the wholesale sector.