Iceland Corporate Bankruptcies Rise 63 Percent Through November
A record number of Icelandic corporations were declared bankrupted in the first 11 months of 2011, according to Statistics Iceland.
A total of 1,432 companies were declared bankrupt by Icelandic courts from January through November last year, a 63 percent increase from the previous year, the Reykjavik-based office said in a statement on its website.
Registrations of new limited-liability corporations rose in the period by 5.7 percent to reach 1,568, compared with 1,483 registrations in the 11 months through November 2010.
“The huge number of company failures indicates that the economy is still severely impaired after the crisis,” Ingolfur Bender, an economist with Islandsbanki, said in a note to clients today. “It also bears witness to the extensive financial restructuring currently under way.”
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