Swiss bankruptcies on the rise in recent months

Switzerland FlagGeneva - More Swiss companies have been going broke in recent months, with over 20 per cent more businesses announcing bankruptcies since September than in the same period last year, Swiss media reported Tuesday.

Over 1,200 companies became insolvent in the past three months, while the number of new companies created dropped steeply, according to data from the firm Dun and Bradstreet.

The year as a whole would likely see the number of bankruptcies exceed the rate of 2007.

The worst hit canton was Lucerne, the report said, while the industries most affected were clothing and textiles, where bankruptcies rose by 61 per cent.

The IT sector was said to have so far been almost unscathed by the crisis.

Switzerland's banks have also been in the headlines lately after posting large write-downs and with UBS agreeing last week to a government rescue plan worth 60 million dollars. (dpa)