A total of 40,000 small firms may go bankrupt by the end of 2012

“About 10% or 40,000 of the registered small- and medium-sized enterprises will declare bankruptcy by the end of the year,” Eleonora Negulova, Chairwoman of the National Association of Small and Medium Enterprises, said today on TV and radio Bulgaria ON AIR. According to her, we have to get used to these signals because managers still do not realise what a crisis means. “It requires a change, the old mode of operation cannot continue,” she explained. Another rapidly growing problem is intercompany indebtedness, which has reached BGN 100 bn, according to recent data. The sectors facing serious difficulties besides construction are the tailoring industry and those that have failed to introduce technological changes.

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