Bankruptcies and court-mandated debt restructuring processes declined whereas the number of winding-down procedures ticked up, show data by the Agency for Public Legal Records (AJPES).

A total of 1,154 bankruptcy proceedings were launched, down 11% year-on-year. Fewer companies entered bankruptcy (-15%), whereas the number of sole traders that went bust increased (+6%).

The number of court-mandated debt restructuring procedures started in 2015 more than halved compared to the year before, to 17, even as the number of bankruptcy protection procedures rose 15% to 116.

Over 1,110 entities were erased from the companies register, up from 850 in the year before.

While the insolvency figures show the economy is picking up, the statistics on the incorporation of new companies provide a more nuanced picture.

A total of 5,550 companies were incorporated, down 12% year-on-year. The number of newly established sole traders however rose by 6% to 14,473.