NSSI: 1,417 firms wind up operations as of October 2012

Some 1,417 firms have wound up their operations between the start of the year and October, according to data from the National Social Security Institute (NSSI).

Of those, 202 are based in Plovdiv, which makes it the fourth largest source of failed businesses among big cities. The bulk of companies which went out of business are headquartered in Sofia – 509, followed by Bourgas with 255 and Varna – 220. Some 128 entrepreneurs from Rousse and 103 more from Stara Zagora have filed for an orderly wind-up procedure. The number of firms that ceased operation has grown markedly in the last three months.

In the first nine months of 2012, 10,500 self-employed individuals have closed down their practices, mostly free-lancers such as lawyers, journalists, farmers, etc.

Nearly 24,000 firms have wound up their operations since the start of 2005. More than BGN 210 mln in delayed workers' compensation was duly paid out following a series of inspections carried out between the middle of 2009 and November 2012, according to reports from the General Labour Inspectorate Executive Agency.

The number of firms with outstanding salary payments has decreased, however small the change might be, showed data from monitoring reports between January and November this year. Only 4% of firms subjected to regulatory review in 2012 have been found out to be in arrears with their workers' pay, compared to 4.31% in 2011.

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