Nearly 6,000 businesses in Portugal were declared insolvent in the first nine months of the year but around 23,000 companies were set up in the same period.
A recent study by Coface, an expert in commercial risks, revealed that the business sector was facing extreme difficulties because of the economic crisis, with companies most reliant on the domestic market hit the hardest.
From January to September, 5,939 companies were declared insolvent, while in the whole of 2011 there were 6,077 insolvencies.
The data revealed that there was a significant increase in the number of insolvencies, up by 31.4% from January to September, when compared to the same period last year.
