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There were 1,756 bankruptcies in all during the first six months, a three per cent increase compared to the same time last year.
The number of initiated bankruptcy proceedings in Oslo nearly doubled the first six months this year to 429, compared to 293 the first half of last year - an increase of 46 per cent. The greatest decline was in Aust-Agder, with 55 per cent.
Four counties with increase in bankruptcies
There were major differences between counties in the number of initiated bankruptcy proceedings. Only four of Norway's 19 counties had more bankruptcies in the first six months of this year than during the same period last year. The increase was greatest in Oslo, followed by Østfold with a rise of 16 per cent. Nordland had a 16 per cent increase, while Akershus showed a one per cent hike. The remaining counties had either a reduction or no change in the number of initiated bankruptcy proceedings. The greatest decline in bankruptcies was in Aust-Agder with 55 per cent, followed by Sør-Trøndelag with 33 per cent.
680 personal bankruptcies
Out of a total of 1,756 initiated bankruptcy proceedings, 1,076 were business failures, while 680 were personal bankruptcies (including self-employed persons and wage-earners). There were minor changes in the ratio of business failures to personal bankruptcies compared to the first half of 1997. Nearly all counties had more business failures than personal bankruptcies. Only in Østfold were there more personal bankruptcies than businesses winding up.
Business failures
The commodity trade had the most business failures, with 419 winding-up proceedings initiated, an increase of seven per cent compared to the same period last year. Real estate operations had the greatest surge in the number of initiated winding-up proceedings compared to the first six months last year. Here, the increase was 37 per cent. Manufacturing and building and construction showed a drop in number of business failures of 11 and six per cent, respectively. The number of business failures in the hotel and restaurant industry rose by only two compared to the first half of last year. However, the sales value of failed businesses in the hotel and restaurant industry shrank by NOK 63 million, a reduction of 30 per cent.
Weekly Bulletin issue no. 33, 1998