The number of companies sent into receivership in the first half of the year fell by as much as 24% year-on-year to 499, according to the Agency for Public Legal Records (AJPES).

However, the number of sole proprietors subject to this insolvency procedure rose by 20% to 101 in the same period.

Also, 575 businesses were removed from the registry due to bankruptcy and military issues connected to Kosovo, which compares to 343 in the first half of 2014. The bulk (472) were companies.

The number of legal entities falling behind on their liabilities also dropped to an average of 5,650 a month, from 6,555 in the same period a year ago. The average daily amount owed fell to EUR 517m from EUR 710m.

The latest available data shows that 5,274 businesses were in default in July, down 6% from June. The average daily amount of overdue liabilities was EUR 467m, down 2% from June.

One out of five businesses in default was in the construction industry, with another fifth coming from the trade and motor vehicles maintenance and repair sector. One in ten were manufacturers.