Sharp drop in annual bankruptcies expected

The economic bureau of ING writes that the number of bankruptcies expected in businesses this year will drop with 15 percent to around 8000, compared to around 9400 last year. In the report, published on Friday, ING writes that there were 20 percent less business failures in the first half of this year. The economic bureau says that the rise in the economy is largely to thank for this relatively improved financial situation among businesses. Sectors such as construction and industry have been dealt the hardest blows in the last years, but these are now seeing a lot fewer bankruptcies. The retail and catering sectors are still suffering according to ING. This year, the number of bankruptcies of businesses in The Netherlands is approaching the level in 2009, a year of crisis.