Previous post Next post

More Swiss bankruptcies in 2018 than ever before

More Swiss bankruptcies in 2018 than ever before

Canton Geneva recorded higher than normal bankruptcies and losses. (Keystone)

Last year saw a record number of bankruptcy procedures opened in Switzerland, with almost 14,000 cases involving bust businesses and individuals.

The record numbers, released on Thursday by the Federal Statistical Office, mark a 5.4% increase on 2017 and translate to overall financial losses of some CHF2 billion ($2 billion).

Every canton in the country saw a rise in cases except Zurich (24 fewer), the stats office said. Francophone regions in the south-east were particularly affected: notably Neuchâtel (15.7%), Geneva (16.5%), and Jura (25.5%).

Meanwhile, a discrepancy at national level was flagged between the 5.4% rise in the number of cases and the much larger 20% rise in the total financial cost of these cases. Here canton Geneva was a substantial culprit, contributing CHF373 million more losses than the previous year.

The stats office also clarified that these figures did not take into consideration bankruptcy procedures relating to management shortcomings – such cases in fact slightly fell last year.

These latest bankruptcy figures should not be conflated with a struggling economy, however: although growth in Switzerland remained steady rather than spectacular in 2018, unemployment numbers sank to a 10-year low.

+ A good year for the Swiss economy in 2018

 
Full story here Are you the author?
About Swissinfo
Swissinfo
SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.
Previous post See more for 3) Swiss Markets and News Next post
Tags: ,

Permanent link to this article: https://snbchf.com/2019/04/more-swiss-bankruptcies-2018-before/

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.