Rome

Italian bankruptcies hit record high

In first quarter 3,500 procedures started, up 12% on 2012

Italian bankruptcies hit record high

Rome, May 29 - Bankruptcies in Italy reached a record high in the first quarter of this year, the Cerved market research agency said on Wednesday, as the country's longest recession in over 20 years continues to bite hard. Cerved data made available to ANSA reported that the number of bankruptcy procedures started in the first three months of 2013 hit a record of 3,500, up 12% on the same period last year. The agency said this is in addition to the 19,000 companies that voluntarily decided to close in the first quarter, up 5.8% on the same period in 2012.

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