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Brazilian bankruptcy filings up 23 pct in seven months

Xinhua, August 3, 2016 Adjust font size:

Bankruptcy filings were up 23 percent among Brazilian companies in the first seven months of the year, compared to the same period last year, showed a study released on Tuesday.

According to the study by consulting firm Boa Vista, while there was a 12-percent drop in the number of companies that filed for bankruptcy in July compared to June, the figure represented a 9-percent increase year on year.

The number of insolvency claims also rose 8 percent between January and July, from the same period of last year.

The claims dropped 7 percent in July compared to the previous month, but grew 6 percent year on year.

Pre-bankruptcy rehabilitation procedures rose 88 percent in the first seven months. The figure fell 32 percent in July compared to June, but rose 2 percent compared to July of 2015.

The number of rehabilitation procedures accepted rose 90 percent in the same period.

The spike in bankruptcy filings reflects Brazil's severe recession, which saw rising unemployment and shrinking consumer spending. The country's gross domestic product (GDP) contracted 3.8 percent in 2015, the poorest performance in 25 years. Endit