The number of companies declared bankrupt in Spain increased by 21.5% in the first quarter as compared with the same period of 2011, according to new figures released by the National Statistics Institute (INE).
Of the companies, 31.3% had construction and property development as their main activity.
During the first quarter of 2012, the number of debtors processed reached 2,224, representing a 21.5% increase, as compared with the same period the previous year.
By type of proceeding, 2,105 were voluntary (22.3% more than the first quarter 2011) and 119 were necessary (9.2% more). Considering the type of proceedings, ordinary proceedings increased 149.6%, and abbreviated proceedings increased 11.7%.
Companies processed, by legal nature and turnover bracket
Of the 2,224 debtors processed in the first quarter, 1,958 were companies (individuals with business activity and corporations). 75.3% of the companies declared bankrupt were Private Limited Companies.
67.1% of the companies declared bankrupt were within the lowest turnover bracket (less than two million euros), and were mainly Private Limited Companies.
87.1% of companies declared bankrupt during the first quarter of 2012 did not belong to any business group. Of the remaining companies declared bankrupt, 12.2% belonged to a Spanish group, and 0.7% to a group under foreign control.
Companies declared bankrupt, by economic activity and number of employees
31.3% of companies declared bankrupt carried out their main activity in Construction and property development, 18.7% in Industry and energy, and 17.7% in Trade.
Regarding the number of employees, 60.6% of the total number of companies declared bankupt were within the bracket of 1 to 19 employees.
Geographical distribution of debtors processed
The Autonomous Communities of Cataluña, Comunitat Valenciana, Comunidad de Madrid and Andalucia accounted for 58.4% of the total debtors processed during the first quarter of 2012.
Cantabria, La Rioja and Extremadura were the Autonomous Communities with the fewest debtors processed.
You can download the full press release here: Bankruptcy Proceedings Statistics – First quarter of 2012