A total of 292 companies in Iceland went bankrupt in the first quarter of 2010, according to new information from Statistics Iceland. This is an almost 12 percent increase compared to the first quarter of 2009, when 261 companies went bust.
From Reykjavík. Copyright: Icelandic Photo Agency.
In March 2010 alone, 106 companies entered into bankruptcy proceedings, most of which were operating in retail, ruv.is reports.
The number of new company registrations has also decreased compared to Q1 in 2009. In the first three months of last year 690 new companies were registered, compared to 469 companies in the same period this year.
Click here to read more about the wave of bankruptcies in Iceland.