The number of personal bankruptcies in Slovakia more than doubled year-on-year in January 2022. According to an analysis by Slovak Credit Bureau (CRIF), courts gave their imprimatur to 297 distraint proceedings in in January 2021, whereas more than 734 Slovaks declared bankruptcy in the first month of 2022. However, in month-on-month comparison, the number of bankruptcies actually went down by 16.97% compared to December 2021.
"One of the main reasons for the low number of personal bankruptcies in January 2021, aside from legislative changes, could have been also the state of emergency, declared by the Government to fight the COVID-19 pandemic. That could be why the number of bankruptcies skyrocketed so much in year-on-year terms. If we take into account the fact that throughout the last year 720 debtors on average went bankrupt each month, then the number of the people who declared bankruptcy in the first month of this year grew only by 1.94%," added CRIF SK chief analyst Jana Marková.
