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Business bankruptcies drop as government offers assistance

Date Posted: 2010-02-11

The number of Okinawa companies filing for bankruptcy has dropped by nearly one-quarter compared to a year ago, despite the worsening financial situation.

Teikoku Data Bank says 342 companies shuttered their doors last year, but says the number is still 23.1% lower than a year earlier. Teikoku’s Okinawa branch says the number is very low because the government stepped in to help out many companies.

The subsidy money was very effective, says Teikoku, reducing bankruptcies of private companies by 38.1%, and lowering the number of corporations filing for bankruptcy and terminating operations by 9.1% The ailing tourism market, coupled with a reduction in construction projects, forced an increase in restaurants going out of business last year.

Government officials say the number of dormant companies is increasing, though. Teikoku confirms that, noting that companies taking a hiatus from business is up 63% over a year before, but that those companies are insisting they’ll return to do business in the future.

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