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Press release: The number of bankruptcies in Estonia reached the all-time low level

1. Feb 2017

As a panel survey of Estonian bankruptcies conducted by Creditinfo Eesti AS shows, in 2016 the number of bankruptcies reached the all-time low level – only 0.16% of all registered companies (1.6 per thousand companies) were declared bankrupt.

335 companies were declared insolvent, and this number has been steadily decreasing for the sixth consecutive year. In comparison with 2015, the number of bankruptcies has decreased by 12% (41 companies). The level of bankruptcies will most likely remain unchanged in 2017.

In 203 cases bankruptcies were declared due to lack of assets. Although such companies account to 61% of all bankruptcies, their total turnover only forms a quarter of the turnover of all bankrupt businesses.

In Estonia, only the largest companies ever reach the bankruptcy stage. Ca. three thousand companies (89% of all debtor enterprises) are simply liquidated and removed from the Commercial Register without initiating bankruptcy proceedings.

On average, the number of bankrupt companies last year was 1.6 per thousand, i.e. every 663rd company went bankrupt. The highest rate of bankruptcies is traditionally observed in the areas of accommodation and catering, as well as construction and processing industry, where the number of bankruptcies was, respectively, 3.9, 3.6 and 3.2 per thousand businesses.

Pärnumaa was the county with the highest number of bankruptcies (2.8 bankrupt companies per thousand). The lowest number of bankruptcies was registered in Võrumaa, Hiiumaa and Jõgevamaa.

Seven out of ten largest bankrupts of 2016 were engaged in wholesale trade. 2 of them dealt with motor fuel wholesale, 2 with sale of metal and one with sale of food products, alcohol and tobacco products. The largest bankruptcy of the past year was that of Mareenos Grupp OÜ.

TOP 10 bankruptcies in 2016
1 MAREENOS GRUPP OÜ Wholesale of motor fuel
2 G.S.G.METAL AS Wholesale trading in scrap metal, purchase of scrap metal
3 FTH EHITUS OÜ Construction of water, gas and sewer pipelines
4 DRAYTON TRADE OÜ Intermediation in the sale of metals
5 DERMA LOGISTICS OÜ Wholesale trading
6 INTEKA OÜ Wholesale of motor fuel
7 TAMEO MT OÜ Wholesale of electrical materials, parts and equipment, including cables
8 WEIMER OÜ Manufacturing of machinery for agriculture and forestry
9 PROTEKTON OÜ Production of metal products
10 SIPREST OÜ Wholesale of food products, drinks and tobacco products


On average, a bankrupt company of 2016 had six employees, its sales revenue amounted to 0.2 million euros, its equity capital was minimal and the company was operating at a loss. Many of them had a growing or permanent tax debt as well as growing number of short-term liabilities during the last year of operation. About 99% of bankrupt enterprises received low ratings from Krediidiinfo (BB, B, C, U) in their last year of active operation.

Full study is available on our website: Bankruptcies in Estonia in 2016

Creditinfo Eesti AS (former name – Krediidiinfo AS) is the largest and the most experienced company of the credit information sector in Estonia. Its focuses on decreasing financial risks of Estonian companies. Creditinfo conducts bankruptcy surveys among Estonian companies since 2000. Creditinfo also regularly compiles reports on financial results, payment discipline and credit policies of Estonian businesses.


Additional information:

Alar Jäger, deputy director of Creditinfo Eesti AS

Telephone: 665 9643

Email: alar.jager@creditinfo.ee