the district of Faro it was the only one in the country that saw the number of company insolvencies increase in the first half of 2017 (45%), when compared to the same period of the previous year, according to data released by the COSEC Dinâmica Empresarial study.
According to these data, 75 companies in the Algarve went into insolvency in the first six months of 2017, while in the same period in 2016 there were 51. These numbers represent an increase of 45%.
The results of the Algarve contradict the national trend, taking into account that the number of insolvencies in the country fell by 22%.
According to the study, the majority of insolvency cases were micro-enterprises in the services sector and “insolvencies recorded represent the loss of more than 9500 jobs and around 210 million euros in credits to suppliers that were not regularized.
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