The crisis weighs more and more on Italian companies. In the first six months of 2012, 6.500 bankruptcy proceedings were opened, a higher number than in the same period of 2011, which itself had been a record year for bankruptcies. The figure was released today by the Observatory on business crises Cerved Group, a few hours after themeeting at Palazzo Chigi from Prime Minister Mario Monti and the presidents of Confindustria, Rete Imprese Italia, Abi, Ania and Alleanza delle Cooperative.
However, the trend of the phenomenon is not regular. Approximately 3.300 bankruptcy proceedings were opened in the second quarter of this year, 3,2% less than in the same period last year.
Almost three-quarters of bankruptcies involve corporations, the legal form that suffered the most during the crisis and which showed an increase in defaults of 4,6% in the first six months of 2012. As regards the other types of companies, the figure is down by 7,3% Between people companies and 9,8% among those individual.
The bankruptcies in the sector weigh above all on the performance of this semester construction (+4,8%) and gods services (+1,2%), while the descent of procedures in the sector ofindustry (-8,6%).
At the territorial level the situation is by no means homogeneous: while in the northwest and Centro defaults continue to grow (+5,5% and +7,1% respectively), in North East coast and in South decrease (-9,8% and -1,7%). The data is particularly negative in Lombardia (+6,2%), while it continues to improve in Veneto (-13,2%) and in Emilia Romagna (-10,2%), despite the emergency situation linked to the earthquake.
“The high number of bankruptcies observed in the first half of the year reflects a particularly critical moment for our production system – comments Gianandrea De Bernardis, CEO of Cerved Group -. The recession that began in the second half of 2011 is affecting a business system already weakened by the first phase of the crisis, followed by a too weak and short-lived recovery”.
The increase in defaults has been accompanied by a new flare of preventive agreements, the procedure with which the entrepreneur can try to find an agreement with his creditors to avoid bankruptcy and overcome the moment of crisis. In the first half of the year, composition with creditors applications started to grow again at a worrying pace: between March and June there were 312 composition with creditors, 17% more than in the second quarter of 2011. A figure which brings the total of open procedures in the first six months of the year, against the 575 recorded in the first six months of 518 (+2011%). Recourse to this tool has increased in industry (+11,6%) and above all in construction (+6%), while there is a slight decrease in the tertiary sector (-49%).
“Agreements with creditors – continues De Berardinis – while involving a less significant number of companies than bankruptcies, are an important thermometer of the state of difficulty. On the one hand because they involve companies that are on average larger and therefore with more negative effects on employment and related industries, on the other because they react earlier to the economic situation. This sharp increase may therefore anticipate a further deterioration on the bankruptcy front".
