Over 500 Icelandic Companies Go Bankrupt Skip to content

Over 500 Icelandic Companies Go Bankrupt

According to Statistics Iceland, 555 companies went into bankruptcy proceedings during the first eight months of 2009, which is a 17 percent increase from 2008. During the first eight months of last year, 470 companies went under the hammer.

From Borgartún in Reykjavík. Copyright: Icelandic Photo Agency.

However, in August 2009, only 12 companies went bankrupt compared to 20 in the same month of 2008. Also, more companies went into bankruptcy proceedings in July 2008 than in July of this year, as stated on the website of Statistics Iceland.

While the bankruptcy of 555 businesses is a serious blow for Icelandic industries, another and more positive development has taken place alongside it: 1,731 companies were founded during the first eight months of this year, only 38 fewer than during the same period in 2008, visir.is reports.

Almost 32,000 companies are registered in Iceland, which equals one company per every ten residents.

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