Thousands of Companies on the Brink of Bankruptcy? Skip to content

Thousands of Companies on the Brink of Bankruptcy?

Almost 3,500 Icelandic companies are headed for bankruptcy within 12 months if the economic situation doesn’t change, according to calculations undertaken by Creditinfo Iceland, a company which helps businesses manage credit.

These findings were presented at a meeting with the Independence Party at their headquarters, Valhöll, in Reykjavík yesterday, Morgunbladid reports.

From Reykjavík’s financial district. Copyright: Icelandic Photo Agency.

According to Rakel Sveinsdóttir, managing director of Creditinfo Iceland, most of the companies in question are located in the capital region, both small and large, operating in various genres and many of them are still fully operational.

The most prominent companies in this group are involved in construction, trade and service.

“If we compare this number [3,500] to previous years, it is a vast increase from 2008 and a 200 percent increase from 2007,” Sveinsdóttir said.

There are 30,000 companies in Iceland and Creditinfo is currently investigating how many of them are active.

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