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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.

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