Bankruptcies soar in the Andalucia region

Photo of Iranian President Ebrahim Raisi. Credit: Wikipedia By Tasnim News Agency, CC BY 4.0, https://commons.wikimedia.org/w/index.php?curid=58384533

TWENTY-FOUR families in Andalucia filed for bankruptcy in the first three months of this year.

This is 26.31 per cent more than the same period in 2011 when 19 families were declared bankrupt, according to INE, Spain’s national statistics office.

A total of 202 Andalucia-based companies and business also began bankruptcy proceedings between January and the end of March.

This was 54.19 per cent more than the 131 which went into receivership in 2011.

In all, the region now has 226 insolvent debtors, slightly over 50 per cent more than in the first quarter of 2011.

Throughout Spain bankruptcies increased by 21.5 per cent with 2,224 families and businesses unable to meet their debts between January and March.

This was the greatest increase since the beginning of the economic crisis in 2008. Nine of Andalucia’s 24 insolvent families are located in Malaga and four in Granada. Sevilla, Cadiz and Jaen each have three bankrupt families, while Huelva has two.

Sevilla had 74 insolvent businesses, followed by Malaga (58), Granada (23), Jaen (18), Huelva (17), Cordoba (15), Cadiz (14) and Almeria (7). Businesses were worst hit in the construction and property sector, with 47 going into receivership.

There were 41 bankruptcies in retail and wholesale commerce, including vehicles, followed by manufacturing (27), transport and warehousing (14) the hotel industry (8), agriculture and fishery (2) and IT and communications (3). Administrative, professional and other services accounted for the 14 remaining businesses which also went under.

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