Estonian Bankruptcies Declined, More Businesses Started in 2012

Estonia’s business environment improved last year as the number of bankruptcies declined and more new companies were formed last year, Justice Minister Hanno Pevkur said.

The number of bankruptcies fell to 166 last year, compared with 546 in 2009 and 492 in 2010, Pevkur, the former minister for social affairs, told a news conference in Tallinn today, citing preliminary data. He did not provide a figure for 2011.

Pevkur said 19,203 new businesses were registered in Estonia last year, up 8.5 percent from 2011, helped by legal changes allowing to start a private company without an initial share capital contribution upon registration.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.