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A total of 811 bankruptcy proceedings were opened in the first quarter of 1997, down 23 per cent compared to the first quarter of 1996. Some of the reduction is attributed to the Easter holiday, which this year fell at the end of March.
The number of bankruptcies in Norway declined by 23 per cent in the first quarter of this year compared to the first quarter of last year. The largest percentagewise decrease was posted by Oslo with 51 per cent, accounting for nearly half of the overall decrease.
Of the 811 bankruptcy proceedings, 528 were business failures, while 283 were personal bankruptcies (including self-employed persons and wage-earners). The ratio between business failures and personal bankruptcies was nearly unchanged compared with the first quarter of 1996.
Weekly Bulletin issue no. 20, 1997